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Problem 1. Liquidating Distributions Katrina is a one-third partner in the KYR partnership (calendar year-end). Katrina decides she wants to exit the partnership and receives a proportionate distribution to liquidate her partnership interest on January 1. The partnership has no liabilities and holds the following assets as of January 1: Basis FMV Cash $180,000 $180,000 Accounts receivable -0- 240,000 Stock investment 75,000 120,000 Land 300,000 360,000 Totals $555,000 $900,000 Assuming Katrina receives one-third of each of the partnership assets and she has a basis in her partnership interest ( "outside basis" ) of $250,000, then please answer the following questions. a. What is the amount and character of any recognized gain or loss to Katrina? b. What is Katrina's basis in the distributed assets? c. What if, instead of receiving one third of the assets, Katrina sells her partnership interest in KYR to David for $340,000 instead of receiving this distribution of property