Note: unless otherwise stated, assume for the following questions involving nonliquidating distributions that no contributed property was distributed, all precontribution gain was recognized before the distribution, and the distribution is pro rota.
Colin is a dartner in a general partnership in which he has an outside basis of $ at the end of the year prior to any distributions On December Colin receives a proportionate nonliquidating distribution of $ cash and property with a $ fair value and an $ basis to the partnership. What is the amount of Colin's recognized gain loss and what is his outside basis after the distribution?
$ gain loss $ basis
$ gain losel $ basis
$ gain, $ basis
$ gain, $ basis
