Examlex
Mike and Jennifer form an equal partnership. Mike contributes cash of $15,000 and Jennifer contributes land having a $15,000 FMV and a basis of $5,000. If the partnership sells the land three years later for $18,000, what are the tax consequences to Mike and Jennifer?
Restatements
Authoritative texts that aim to distill, clarify, and occasionally modernize the common law in the United States on various subjects.
American Law Institute
An independent organization in the United States that produces scholarly work to clarify, modernize, and otherwise improve the law.
Common Law
A body of legal principles derived from judicial decisions of courts and similar tribunals, as opposed to statutes or written legislation.
Justice
The principle of fairness and the ideal of moral equity, often embodied in the legal system's attempt to uphold rights and punish wrongdoing.
Q9: For a 30% interest in partnership capital,profits,and
Q15: When computing the partnership's ordinary income,a deduction
Q21: In a nontaxable reorganization,the acquiring corporation has
Q24: Owners of pass-through entities may defer income
Q42: On June 30,2015,Temika purchased office furniture (7-year
Q46: Glen owns a building that is used
Q50: Identify which of the following increases Earnings
Q76: Parent Corporation sells land (a capital asset)to
Q79: What event determines when a cash or
Q79: In computing the ordinary income of a