The Hartford Group is a partnership owned and operated by June and Joyce. June owns a 60% interest, and her basis in the partnership is $33,000. Joyce owns a 40% interest, and her basis is $18,000. At the end of the year, both June and Joyce decide to retire and liquidate the business. Write a memo discussing the consequences for each partner if June and Joyce receive cash distributions of $455,000 and $28,000, respectively.