Randolph is a 30% partner in the RD Partnership. On January 1, RD distributes $7,500 cash and inventory with a basis of $15,000 to Randolph in complete liquidation of his interest. RD has no liabilities at the date of the distribution. Randolph's basis in RD is $27,000.   a.What is Randolph’s basis in each of the assets distributed? b. What is the amount and character of Randolph's gain or loss on the distribution?

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