A and B are partners who share the gains and losses of the
Q&W Partnership 60% and 40%, respectively. The tax basis of
each partner's interest in the partnership as of Dec. 31 of last
year was as follows: A, $14000; B, $12000. During the current year,
the partnership had an ordinary income of $20000 and a long term
capital loss of $3000 from the sale of securities. During the year,
the partnership distributed $10000 of cash, proportionately to the...