Jacob Is a Partner in the JB Partnership with a Basis

question 40

Multiple Choice

Jacob is a partner in the JB Partnership with a basis in his partnership interest is $35,000.He receives a nonliquidating distribution of $25,000 cash and real property with a partnership basis of $18,000 and a fair market value of $30,000.How much taxable gain will Jacob recognize on the distribution?

• A)0
• B)$8,000
• C)$20,000
• D)$43,000

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Definitions:

Serializable Interface

The Serializable interface in Java enables an object to be converted into a byte stream, facilitating the saving and transmission of its state over a network or storing it persistently.

Java Interfaces

Interfaces in Java are abstract types that enable classes to implement multiple inheritance, defining method signatures without implementation details.

Comparable Interface

A Java interface used for comparing objects of the same class to sort them.

Semantics

Semantics refers to the meaning or interpretation of words, phrases, symbols, or other elements in a language or programming context, as opposed to their syntax or form.