Question - Rich and Cheryl each contributed $30,000 cash to the cash basis RC Partnership. The partnership uses $50,000 of the cash to purchase a depreciable asset. The partnership agreement provides that depreciation is allocated 75% to Rick and 25% to Cheryl. All other items of partnership income, gain, loss or deduction are allocated equally between the two partners. During the first year of operations, the partnership produces$15,000 of income before depreciation and deducts$10,000 of depreciation. At the end of the first year, the partnership sells the depreciable asset for its 40,000 book value. Assume that nothing else happens in the first year that affects the partners' capital accounts. The partnership then distributes all cash to the partners and liquidates at the end of the first year. How much cash is distributed to each partner in the liquidating distribution under the economic effect test?