Cliff’s basis in his aero partnership interest is $19,200. cliff receives a distribution of $30,600 cash from aero in complete liquidation of his interest. aero is an equal partnership with the following balance sheet: tax basis fmv assets: cash $ 30,600 $ 30,600 investment 23,400 23,400 land 3,600 39,600 totals $ 57,600 $ 93,600 liabilities and capital: capital chris 19,200 cliff 19,200 cooper 19,200 totals $ 57,600what is the amount and character of cliff’s recognized gain or loss?

Slimwood corporation made sales of $ 725 million during 2018. of this amount, slimwood collected cash for $ 670 million. the company's cost of goods sold was $ 300 million, and all other expenses for the year totaled $ 400 million. also during 2018, slimwood paid $ 420 million for its inventory and $ 285 million for everything else. beginning cash was $ 110 million. carter's top management is interviewing you for a job and they ask two questions: (a) how much was carter's net income for 2018? (b) how much was carter's cash balance at the end of 2016? you will get the job only if you answer both questions correctly.