Sarah is a 50% partner in the sf partnership and has an outside basis of $56,000 at the end of the year prior to any distributions. on december 31, sarah receives a proportionate operating distribution of $20,000 cash. what is the amount and character of sarah's recognized gain or loss and what is her basis in her partnership interest?
a) $0 gain, $36,000 basis.
b) $20,000 ordinary income, $56,000 basis.
c) $0 gain, $56,000 basis.
d) $20,000 ordinary income, $36,000 basis.
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Sarah is a 50% partner in the sf partnership and has an outside basis of $56,000 at the end of the y...
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