Timothy is a 35 percent partner in the Total Partnership Timothy is a 35 percent partner in the Total Partnership Question Timothy is a 35 percent partner in the Total Partnership, a calendar-year-end entity. Timothy has an outside basis in his interest in Total of $198,000, which includes his share of the $45,000 of partnership liabilities. On December 31, Total makes a proportionate distribution of the following assets to Timothy: Basis Save your time! Proper editing and formatting Free revision, title page, and bibliography Flexible prices and money-back guarantee ORDER NOW Cash $50,000Inventory 65,000Land 50,000Totals $165,000 FMV Cash $50,000Inventory 75,000Land 65,000Totals $180,000 Make sure you submit a unique essay Our writers will provide you with an essay sample written from scratch: any topic, any deadline, any instructions. 100% ORIGINAL ORDER NOW 1- For an operating distribution, outline the tax consequences (amount and character of recognized gain or loss, basis in distributed assets) of the distribution to Timothy.2 -For a liquidating distribution, outline the tax consequences (amount and character of recognized gain or loss, basis in distributed assets) of the distribution to Timothy.3 -Discuss the similarities and differences between the tax consequences of the operating distribution and the tax consequences of the liquidation distribution.