Hal Transferred Land Having a $160,000 FMV and a $75,000

question 61

Multiple Choice

Hal transferred land having a $160,000 FMV and a $75,000 adjusted basis which is subject to a $150,000 mortgage in exchange for a one-third interest in the HEF Partnership.Hal acquired the land ten years ago.The partnership owes no other liabilities.Hal,Ellen,and Felix share profits and losses equally and each has a one-third interest in partnership capital.Hal's basis in the one-third partnership interest is

• A)$0.
• B)($25,000).
• C)$75,000.
• D)$85,000.

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Definitions:

Base Case

In recursive programming, the condition under which a recursive function returns without making any more recursive calls.

Recursive Valued Methods

Methods that call themselves with altered parameters to solve a problem, often used in programming for tasks like sorting and searching.

Infinite Recursion

A coding error where a function repeatedly calls itself without a terminating condition, leading to a stack overflow.

Order of Magnitude

An order of magnitude is a term used to express the scale or size of a quantity, typically in powers of ten, to compare approximate values or changes.