Property Distribution and K-1 presentation

Technical topics regarding tax preparation.
#1
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Property Distributed out to all partners according to their proportionate shares. Partnership continues to have some cash and other promissory notes.

1st question: What are factors that would make this a current vs liquidating distribution? Partnership continues to exist and may exist for 1-2 tax years more.

2nd question: How do you present the information on the K-1 assuming there's a 743 basis step up in the past? Does the adjusted basis include the 743 basis step up or just the partnership's original inside basis and not the partner's 743 basis step up?
 

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