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a single distribution, or one of a planned series of distributions, that terminates a partner's entire interest in the partnership.
nonliquidating (current) distributions
all distributions, including those that substantially reduce a parnter's interest in the partnership but do not terminate the entire interest in the partnership
partners who receive money distributions that exceed their basis in the partnership recognize a gain.
Precontribution gain or loss
the amount of loss or gain is equal to the amount of precontribution gain or loss remaining that would have been allocated to the contributing partner had the property instead been sold for its FMV on the distribution date.