Cal Contributes Property Valued at $50,000 (Adjusted Basis = $30,000)

question 43

Multiple Choice

Cal contributes property valued at $50,000 (adjusted basis = $30,000) to a partnership in exchange for a partnership interest valued at $40,000 and $10,000 cash.What is Cal's recognized gain or loss on these transfers?

• A)0
• B)$4,000
• C)$10,000
• D)$20,000

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Definitions:

Social Inequality

Varied social positions or statuses within a society or group face unequal access to opportunities and rewards.

Parental Home Environment

The atmospheric and relational conditions within a child's home, including parenting styles and family dynamics, which influence development and behavior.

Adolescent Community Environment

Refers to the social, cultural, and physical contexts that influence the development and behavior of teenagers.

School Desegregation

The process of eliminating racial segregation within educational institutions, leading to racially integrated schools.