Last Year, Cara Contributed Investment Land with an FMV of $24,000

question 55

Essay

Last year, Cara contributed investment land with an FMV of $24,000 and basis of $18,000 to the CDE Partnership. CDE made no distributions during last year, and Cara's basis in her partnership interest on December 31 of last year was $28,000. On January 1 of this year, the partnership distributed cash of $30,000 to Cara and distributed the land contributed by Cara to another partner, David. On the distribution date, the land had a $27,000 FMV. Assume the CDE Partnership reported no profit or loss this year. How much gain (if any)must Cara recognize as a result of the distributions? What is her basis in the partnership after the distributions?

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Class Stratification

Class stratification refers to the division of society into distinct social classes based on factors like wealth, income, education, occupation, and social connections, often influencing individuals' opportunities and quality of life.

Opened Up Opportunities

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Structures Of Power

The organized systems and frameworks through which authority and control are exercised in a society.

Definitions Of Democracy

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