Problem $21-46($LO $21-4)($Algo$)$

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The Taurin Partnership $($a calendar$-$year$-$end entity$)$ has the following assets as of December $31$ of the current year:

$$Tax BasisFMVCash$ $47,160$$ $47,160$Accounts receivable$15,72031,440$Inventory$83,700123,780$Totals$ $146,580$$ $202,380$

On December $31,$ Taurin distributes $$15,720$ of cash, $$10,480($FMV$)$ of accounts receivable, and $$41,260($FMV$)$ of inventory to Emma $($a one$-$third partner$)$ in termination of her partnership interest. Emma's basis in her partnership interest immediately prior to the distribution is $$41,590.$

Problem $21-46$ Part c $($Algo$)$

Required:

c$1.$ If Emma's basis before the distribution was $$57,265$ rather than $$41,590,$ what is Emma's recognized gain or loss?

c$2.$ What is her basis in the distributed assets?