Helmut Contributed Land with a Basis of $5,000 and an FMV

question 26

Multiple Choice

Helmut contributed land with a basis of $5,000 and an FMV of $10,000 to the HG Partnership five years ago to acquire a 50% partnership interest. This year the land is distributed to another partner, Gail, when its FMV is $11,000. No other distributions have been made since Helmut became a partner. When the land is distributed to Gail, Helmut recognizes a gain of

• A)$0.
• B)$2,500.
• C)$3,000.
• D)$5,000.

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Definitions:

Adult Attachment Style

Patterns of expectations, needs, and emotions in close relationships that develop in adulthood, based on early childhood experiences with caregivers.

Anxious-ambivalent

A type of attachment style characterized by intense emotional dependence and anxiety about the stability of close relationships.

Attachment Style

The pattern of how individuals form emotional bonds and react to the needs for closeness and space in relationships.

Anxious-ambivalent

A type of attachment style characterized by strong emotional dependence on others combined with anxiety about their availability and responsiveness.