Nadine Fimple is a one-third partner in the NWL Partnership with equal inside and outside bases. On January 1, NWL distributes $100,000 to Nadine in complete liquidation of her FPL interest. NWL's balance sheet as of January 1 is as follows: 
What is the amount and character of Nadine's recognized gain or loss on the distribution?
Definitions:
Q7: A gratuitous transfer of property made during
Q13: Identify four internaland external users of accounting
Q29: Diego owns 30 percent of Azul Corporation.
Q37: For the holidays, Samuel gave a necklace
Q57: Phillip incorporated his sole proprietorship by transferring
Q67: Suppose at the beginning of 2016, Jamaal's
Q73: Caleb transferred $115,000 to an irrevocable trust
Q86: Goose Company is owned equally by Val
Q93: Both Schedules M-1 and M-3 require taxpayers
Q100: Which of the following statements best describes