Problem $3.$ Angela, Billy, and Laura are equal partners in a partnership that has $$60,000$ of cash, Capital Asset A with a tax basis of $$10,000$anda value of$$60,000,$ and Capital Asset B with a tax basis of $$90,000$ and a value of $$60,000.$ Assume the partnership has a $754$ election in effect and was formed ten years ago.

$($a$)$ What are the tax consequences of a distribution of $$60,000$ of cash to Billy, who has an outside basis of $$10,000,$ in complete liquidation of his interest in the partnership?

$($b$)$ What are the tax consequences of a distribution of $$60,000$ of cash to Laura, who has an outside basis of $$90,000,$ in complete liquidation of her interest in the partnership?

$($c$)$ What are the tax consequences of a distribution of Capital Asset B to Angela, who has an outside basis of $$60,000,$ in complete liquidation of her interest in the partnership?

$($d$)$ What are the tax consequences of a distribution of Capital Asset A to Laura, who has an outside basis of $$90,000,$ in complete liquidation of her interest in the partnership?