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Timothy is a 35 percentnbspnbsppartner in the total

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Timothy is a 35 percent  partner in the Total Partnership, a calendar-year-end entity. Timothy has an  outside basis in his interest in Total of $198,000, which includes his share of  the $45,000 of partnership liabilities. On December 31, Total makes a proportionate   distribution of the following assets to Timothy:                                                                                                                                   

       Basis

FMV

Cash

$50,000

$50,000

Inventory

65,000

75,000

Land

50,000

65,000

Totals

$165,000

$180,000
  1. For an  operating distribution, outline the tax consequences (amount and character of  recognized gain or loss, basis in distributed assets) of the distribution to  Timothy.
  2. For a  liquidating distribution, outline the tax consequences (amount and character of  recognized gain or loss, basis in distributed assets) of the distribution to  Timothy.
  3. Discuss  the similarities and differences between the tax consequences of the operating  distribution and the tax consequences of the liquidation distribution.  

Reference no: EM13593571

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