The NY Partnership has two partners, Nina and Yanni. Each partners basis in his or her partnershipinterest is $15,000 before any distribution. The partnership distributes $20,000 cash to Nina and $10,000 cash to Yanni.
A) Assuming a current distribution, determine for each partner
1) gain or loss recognized
2) basis in the partnership interest after distribution
B) assuming a liquidating distribution, determine each partner's gain or loss recognized.