Cliff’s basis in his Aero Partnership interest is $16,900. Cliff receives a distribution of $29,400 cash from Aero in complete liquidation of his interest. Aero is an equal partnership with the following balance sheet:   Tax Basis FMV Assets     Cash $ 29,400 $ 29,400 Investment 16,900 16,900 Land 4,400 40,800 Totals $ 50,700 $ 87,100 Liabilities and capital     Capital—Chris $ 16,900   Capital—Cliff $ 16,900   Capital—Cooper $ 16,900   Totals $ 50,700

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A:

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A:

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