Sabrina Contributes a Building with an Adjusted Basis of $80,000

question 72

Multiple Choice

Sabrina contributes a building with an adjusted basis of $80,000 to a partnership.The fair market value of the building is $100,000 on the date of the contribution.What is Sabrina's basis in her partnership interest immediately after the contribution?

• A)$0
• B)$40,000
• C)$80,000
• D)$100,000
• E)None of the above

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Definitions:

Unskilled Labor

Work that requires no specialized skills, education, or training, and often involves manual labor.

Unemployment Insurance

A government-provided financial assistance program for individuals who have lost their jobs, offering temporary financial support.

Monetary Transfer

The process of moving money from one entity to another, often as a method of payment, financial support, or in the form of aid.

Means-Tested

Refers to a method of determining eligibility for government assistance based on the income and assets of an applicant, ensuring aid only goes to those in financial need.