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The ELF Partnership distributed $20,000 cash to Emma in a proportionate, nonliquidating distribution. Emma's basis in her partnership interest was $12,000 immediately before the distribution. As a result of the distribution, Emma's basis is reduced to $0 and she recognizes an $8,000 gain.
Circumoral Area
Refers to the region around the mouth, including the lips and the immediate surrounding skin.
Hepatitis B
A serious liver infection caused by the hepatitis B virus (HBV) that can become chronic and lead to liver failure, cancer, or cirrhosis.
HBV Surface Antigen
A protein found on the surface of the hepatitis B virus; its presence in the blood indicates an active HBV infection.
Neonates
Newborn infants, especially those less than four weeks old.
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