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

James receives cash of $10,000 in a liquidating distribution. James basis in the partnership was $15,000. What are the tax consequences to James? Can he recognize a loss?

Irene receives cash of $25,000. Her basis in the partnership was $14,000. What are the tax consequences to Irene? Is the distribution taxable?

Harold receives accounts receivables (A/B $0; FMV of $10,000) and land (A/B $20,000; FMV $25,000). His basis in his partnership interest was $15,000. What are the tax consequences to Harold? Is the distribution taxable? What basis does he take in the accounts receivable and land?