Allen Contributed Land, Which Was Being Held for Sale to Allen's

question 116

Multiple Choice

Allen contributed land, which was being held for sale to Allen's customers, to a partnership in exchange for a 20% interest. The partnership uses the land in its business for three years and then sells the property. When the property was contributed, it had a basis in Allen's hands of $500,000 and an FMV of $600,000. The partnership sells the land for $700,000. The gain reported by the partnership is

• A)$100,000 of ordinary income and $100,000 of Sec. 1231 gain.
• B)$100,000 of Sec. 1231 gain and $100,000 of capital gain.
• C)$200,000 of ordinary income.
• D)$200,000 of Sec. 1231 gain.

Recognize unique characteristics of specific parasitic plants that distinguish them from other plant types or fungi.

Understand the stages and molecular phenomena of seed development and germination.

Identify the anatomical structures involved in seed and grain germination.

Recognize adaptive advantages of seed dormancy and the factors influencing it.