Helens basis in Haywood Partnership is $270,000. Haywood distributes all the land to Helen in complete liquidation of her partnership interest. The partnership reports the following balance sheet just before the distribution: a) What is the amount and character of Helens recognized gain or loss? What is the effect on the partnership assets? b) If Haywood has a 754 election in place, what is the amount of the special basis adjustment?
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