Clark and Lois Formed an Equal Partnership Three Years Ago

question 109

Multiple Choice

Clark and Lois formed an equal partnership three years ago.Clark contributed cash of $160,000 while Lois contributed land with a $90,000 adjusted basis and a $160,000 FMV.Three years later the land is sold for $210,000.The tax results to Clark and Lois are

• A)$25,000 of gain to both Clark and Lois.
• B)$60,000 of gain to both Clark and Lois.
• C)$25,000 of gain to Clark and $70,000 gain to Lois.
• D)$25,000 of gain to Clark and $95,000 gain to Lois.

---

Definitions:

Extraversion

A personality trait characterized by outgoing, sociable, and energetic behavior.

Mental Health

A state of well-being in which individuals realize their own abilities, can cope with normal stresses of life, work productively, and contribute to their community.

Well-Being

A general state of health, happiness, and prosperity, encompassing physical, mental, and emotional health.

Tertiary Prevention

Efforts to reduce the impact of an ongoing illness or injury that has lasting effects.