Josh owns a interest in PCS LP a US partnership At the end of PCS liquidated and distributes to Josh $ cash, accounts receivables with a basis and FMV of $ and a building with a tax basis of $ and a FMV of $ Prior to the liquidation, Josh had a tax basis of $ in the partnership. As a result, Josh will have:
a$ gain or loss, $ basis in the receivables, $ basis in the building
b$ loss, $ basis in the receivables, $ basis in building
c$ gain or loss, $ basis in the receivables, $ basis in the building
d$ gain, $ basis in the receivables, $ basis in the building
