What gain or loss is recognized by each partner, and what basis does each partner have in the assets distributed, if the partnership is liquidated as follows:

(a) A receives the land and one-half of the accounts receivable and inventory and B receives the cash and the other half of the receivables and inventory?

 

(b) A receives the cash and one-half of the accounts receivable and inventory, B receiving the land and the other half of the receivables and inventory?

 

(c) A receives the land and all the accounts receivable and B receives all the inventory and the cash?

 

(d) A receives the cash and the accounts receivable and B receives the land and the inventory?

The AB Partnership has the following balance sheets: (000's omitted) Cash Accounts receivable Inventory Land A B Basis 40 0 20 50 110 70 40 110 Book 40 20 20 40 120 60 60 120