The NY Partnership has two partners, Nina and Yanni.

The NY Partnership has two partners, Nina and Yanni.

The NY Partnership has two partners, Nina and Yanni.

Question

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 distributionB) assuming a liquidating distribution, determine each partner’s gain or loss recognized.

The NY Partnership has two partners, Nina and Yanni.