The Lark Partnership is a service provider. Its assets consist of unrealized receivables (basis of $0; value of $200,000), cash of $200,000, and land (basis of $280,000; value of $400,000). Assume 25% general partner Antonio has a basis in the partnership interest of $130,000. If the ongoing partnership distributes the $200,000 cash to Antonio in liquidation of the interest in the partnership, Antonio will recognize ordinary income of $50,000 and a capital gain of $20,000.
True
False