Esther and Elizabeth are equal partners in the EE Partnership. The partners formed the partnership seven years ago by contributing cash. Prior to any distributions, the partners each have a $40,800 basis in their partnership interests including their share of partnership liabilities. On December 31, EE partnership repays $66,000 of debt. What is the amount and character of Esther's recognized gain or loss

Esther does not recognize any gain or loss on the distribution and her remaining basis in EE is $15,000

Explanation:

Base on the scenario been described in the question, repayment of liabilities is treated as a cash distribution. Esther's share of the debt reduction is Since this amount is lower than her outside basis ($40,000) she does not recognize a gain or loss.reduces her outside basis by the $25,000, which leaves her $15,000 of outside basis in EE afterthe debt repayment.

the correct answer would be b, when, queen, calder hall and london.

explanation:

we always capitalize words when a paragraph or sentence is starting, when an important name is used, when a place is being written, or simply when a noun is used, etc. so in this sentence, sentence is starting from 'when', so it will be written in capital letters. secondly, queen is considered to be an important person, so it will also be written in capital letter. next, the name of the town is mentioned, i-e calder hall, which will also be written in capital letters. in the last,   city name is being used, 'london', which will also be written in capital letters. so option b is the most appropriate one.

d,