Lance Transferred Land Having a $180,000 FMV and a $105,000

question 138

Multiple Choice

Lance transferred land having a $180,000 FMV and a $105,000 adjusted basis,which is subject to a $150,000 mortgage in exchange for a one-third interest in the Trois Partnership.Lance acquired the land in 2002.The partnership owes no other liabilities.Lance,Rhonda,and Zach share profits and losses equally and each has an one-third interest in partnership capital.The tax effect to Lance is

• A)no gain or loss recognized.
• B)recognized gain of $45,000 on the transfer.
• C)recognized gain of $75,000 on the transfer.
• D)recognized loss of $45,000 on the transfer.

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Definitions:

Unit Cost

The expenses a company faces to manufacture, warehouse, and market a single unit of a specific product or service.

Administrative Burden

The costs and effort associated with compliance to regulations, paperwork, and procedural necessities in organizations or governmental bodies.

Tax Laws

Regulations established by governmental authorities dictating how taxes are to be computed, collected, and managed.

Compliance Costs

Expenses incurred by businesses or organizations in order to adhere to laws, regulations, and guidelines.