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?
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Nadine's distri...
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