The PW Partnership's Balance Sheet Includes the Following Assets Immediately

question 89

Multiple Choice

The PW Partnership's balance sheet includes the following assets immediately before it liquidates: $\begin{array}{c}\begin{array}{lll}\\\text { Cash } \\\text { Urrealized receivables } \\\text { Total }\end{array}\begin{array}{lll}\text { Basis}\\ \$ 10,000\\\underline{-0-}\\\underline{\$ 10,000}\end{array}\begin{array}{lll}\text {FMV}\\ \$ 10,000\\\underline{10,000}\\\underline{\$ 20,000}\end{array}\end{array}$
In complete liquidation, PW distributes the cash to Pamela and the unrealized receivables to Wade (equal partners) .Pamela and Wade each have an outside basis in PW equal to $5,000.PW has no liabilities at the time of the liquidation.What is the amount and character of Pamela's recognized gain or loss?

• A)$0.
• B)$5,000 capital gain.
• C)$5,000 ordinary income.
• D)$2,500 capital gain and $2,500 ordinary income.

Understand the government's limitations in combating white-collar deviance and the implications thereof.

Differentiate between corporate and occupational deviance and understand the methods used for gaining compliance in corporate deviance.

Recognize the factors contributing to the proliferation of certain forms of white-collar deviance, including tax evasion and unsafe product manufacturing.

Understand the psychological rationalizations of white-collar and corporate offenders in justifying their actions.

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Definitions:

Personality Traits

Enduring characteristics that describe an individual's behavior, attitude, and emotional patterns.

Ambiguous Symptoms

Symptoms that are not clear or precise in their indication, making it difficult to diagnose the underlying condition accurately.

Definitive Symptoms

Symptoms that are specifically characteristic of a particular disease or condition, aiding in its identification and diagnosis.

Stress

A condition of physical, psychological, or emotional stress caused by challenging or unpleasant situations.