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:

Gestural Prompts

Nonverbal cues or actions made with the body or parts of the body to indicate or guide behavior.

Verbal Prompts

Oral cues or hints used to encourage or remind someone to perform a specific behavior.

Physical Prompts

Physical cues or assistance given to someone to initiate or complete a task, often used in teaching new skills or behaviors.

Transition Time

The interval between activities or phases within an environment, often requiring special management in educational or therapeutic settings to maintain order and focus.