Josh owns a 25% capital and profits interest in the calendar year GDJ Partnership. His adjusted basis for his partnership interest on October 15 of the current year is $300,000. On that date, the partnership liquidates and makes a proportionate distribution of the following assets to Josh. 
a. Calculate Josh's recognized gain or loss on the liquidating distribution, if any, and his basis in the distributed inventory.
How would your answer to
a. change if the partnership also distributed a small parcel of land it
b. had held for investment to Josh? Assume the land has a $5,000 adjusted basis (FMV is $8,000)
to the partnership.
Definitions:
Subjective Norms
Social pressures perceived by individuals about whether they should engage in a particular behavior.
Behavioral Attitudes
Attitudes reflected through an individual's actions or behaviors, demonstrating their beliefs, feelings, and values in a tangible manner.
Perceived Behavioral Control
An individual's belief about how easy or difficult it will be to perform a particular behavior.
Peripheral Route
A mode of persuasion in the Elaboration Likelihood Model where individuals are influenced by incidental cues, such as the attractiveness of the speaker, rather than the strength of the arguments.
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