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Problem - Feela is a one-third partner in Alchemy LLC, which is taxed as a partnership. Her basis prior to Alchemy paying Feela an $11,000 cash distribution is $27,000. How much income does Feela recognize from the distribution and what is her basis in her interest in Alchemy after the distribution?
a. $11,000 income and $27,000 basis
b. $0 income and $16,000 basis
c. $11,000 income and $16,000 basis
d. $0 income and $27,000 basis
e. None of these choices
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