Susan Contributed Land with a Basis of $6,000 and an FMV

question 17

Multiple Choice

Susan contributed land with a basis of $6,000 and an FMV of $10,000 to the SH Partnership two years ago to acquire her partnership interest. This year, the land is distributed to Harry when its FMV is $11,000. No other distributions have been made since Susan became a partner. When the land is distributed, the partnership's basis in the land immediately before distribution is increased by

• A)$0.
• B)$1,000.
• C)$4,000.
• D)$5,000.

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Definitions:

Multivalued Lookup Field

A field in a database that can store multiple values for a single record, allowing for the creation of relationships between data in different tables.

Table Datasheet View

A view in database software that displays data in rows and columns, similar to a spreadsheet, allowing for easy data entry and management.

Check Box

An interactive graphical control element in forms and interfaces that allows users to make binary choices, typically represented by a square box that can be checked (selected) or unchecked.

SalesPrice Field

In databases or software applications, a specific field designated to store the sale price of items or services.