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Josh owns a 25% interest in PCS LP (a US partnership). At the end of...

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Accounting

Josh owns a 25% interest in PCS LP (a US partnership). At the end of 2023, PCS liquidated and distributes to Josh $30,000 cash, accounts receivables with a basis and FMV of $16,000 and a building with a tax basis of $25,000 and a FMV of $35,000. Prior to the liquidation, Josh had a tax basis of $80,000 in the partnership. As a result, Josh will have:
a.$0 gain or loss, $16,000 basis in the receivables, $34,000 basis in the building
b.$9,000 loss, $16,000 basis in the receivables, $25,000 basis in building
c.$0 gain or loss, $16,000 basis in the receivables, $25,000 basis in the building
d.$1,000 gain, $16,000 basis in the receivables, $35,000 basis in the building

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