Question: The JIH Partnership liquidates. It distributes a proportionate liquidating distribution to each of its 3 partners ( James , Irene, and Harold ) as follows:

The JIH Partnership liquidates. It distributes a proportionate liquidating distribution to each of its 3 partners (James, Irene, and Harold) as follows: a. James receives cash of $15,000 in a liquidating distribution. James basis in the partnership was $35,000. Can he recognize the loss?

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