George Transferred Land Having a $170,000 FMV and a $60,000

question 89

Multiple Choice

George transferred land having a $170,000 FMV and a $60,000 adjusted basis,which is subject to a $150,000 mortgage in exchange for a one-third interest in the GEF Partnership.The partnership owes no other liabilities.George,Elena,and Franz share profits and losses equally and each has a one-third interest in partnership capital.The basis to the partnership of the land transferred by George is

• A)$20,000.
• B)$60,000.
• C)$110,000.
• D)$170,000.

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Definitions:

Sensory Receptor

A specialized cell or nerve ending that responds to specific stimuli, such as light, sound, or touch, and converts it into neural signals.

Deep Pressure

A type of firm tactile sensory input that is often calming and is used therapeutically to reduce chronic stress and anxiety.

Painful Stimuli

Refers to physical or chemical sources that cause pain and discomfort, signaling potential harm to the body.

Hippocampus

A critical region of the brain involved in forming, organizing, and storing memories.