A partnership is curtailing some of its operations and decides to make a proportionate distribution of excess assets to its two equal partners. P’s share of each of the distributed assets is as follows:Inside Basis Fair Market ValueCash $4,000 $4,000Inventory 5,000 7,000Investment Stocks 2,000 3,000Equipment 6,000 2,000Calculate P’s recognized gain or loss, basis in each asset, and basis in his partnership interest after distribution if P’s basis in the partnership before distribution is:$20,000$14,000, or$8,000