Which of the following statements best describes the changes in American cities from 1900 to 2000? A. During the early i900s, the populations of US cities located in the South were the highest, but by 2000, these populations began to decline as people began to move to cities on the East Coast. B. During the early 1900s, the populations of US cities located on the West Coast were the highest, but by 2000; the populations of cities located in the Midwest became greater than those of the East Coast. C. During the early 1900s, the populations of US cities located on the East Coast were the highest, but by 2000; these populations began to decline as people began to move to cities on the West Coast D. During the early 1900s, the populations of US cities located in the Midwest were the highest, but by 2000, the populations of cities located in the West became greater than those of the Midwest.
Sarah is a 50% partner in the SF Partnership and has an outside basis of $56,000 at the end of the year prior to any distributions. On December 31, Sarah receives a proportionate operating distribution of $20,000 cash. What is the amount and character of Sarah's recognized gain or loss and what is her basis in her partnership interest?
A) $0 gain, $36,000 basis.
B) $20,000 ordinary income, $56,000 basis.
C) $0 gain, $56,000 basis.
D) $20,000 ordinary income, $36,000 basis.
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