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D is corrent. The requirement is to determine the character of the partnership’s $12,500 payment made to partner Brown. Partnership distributions are categorized as either liquidating distributions or current (nonliquidating) distributions. A liquidating distribution completely terminates a partner’s entire interest. All other distributions are current (nonliquidating) distributions. When a partnership makes a current distribution, the distribution is generally nontaxable to the partners because it generally represents the distribution of earnings that have already been taxed to partners and have already increased the basis for the partners’ partnership interests.
A is incorrect. Partnership distributions are categorized as either current distributions or liquidating distributions.
B is incorrect. There is no indication that Brown’s receipt of cash was in exchange for his share of unrealized receivables or inventory.
C is incorrect. There is no indication that the distribution to Brown is in complete termination of Brown’s interest.