Answer Happy

Required information [The following information applies to the questions displayed below.) Melissa, Nicole, and Ben are equal partners in the Opto Partnership (a calendar-year-end entity). Melissa decides she wants to exit the partnership and receives a proportionate distribution to liquidate her partnership interest on January 1. The partnership has no liabilities and holds the following assets as of January 1: Tax Basis $ 20,160 Cash Accounts receivable Stock investment Land Totals 8,940 37,200 $ 66,300 FMV $ 20,160 26,880 15,600 50,400 $ 113,040 Melissa receives one-third of each of the partnership assets. She has a basis in her partnership interest of $29,680. (Leave no answer blank. Enter zero if applicable.) c1. What are the amount and character of Melissa's recognized gain or loss if her outside basis is $13,160 rather than $29,680? c2. What is Melissa's basis in the distributed assets if her basis in Opto Partnership is $13,160 rather than $29,680? Complete this question by entering your answers in the tabs below. Req c1 Req C2 What is Melissa's basis in the distributed assets if her basis in Opto Partnership is $13,160 rather than $29,680? Basis Cash Accounts receivable Stock investment Land