Timothy is a 35 percent partner in the Total Partnership a calendar-year-end ent

Timothy is a 35 percent partner in the Total Partnership a calendar-year-end entity. Timothy has an outside basis in his interest in Total of $198000 which includes his share of the $45000 of partnership liabilities. On December 31 Total makes a proportionate distribution of the following assets to Timothy:BasisCash $50000Inventory 65000Land 50000Totals $165000FMVCash $50000Inventory 75000Land 65000Totals $1800001- For an operating distribution outline the tax consequences (amount and character of recognized gain or loss basis in distributed assets) of the distribution to Timothy.2 -For a liquidating distribution outline the tax consequences (amount and character of recognized gain or loss basis in distributed assets) of the distribution to Timothy.3 -Discuss the similarities and differences between the tax consequences of the operating distribution and the tax consequences of the liquidation distribution.