Lars Has a Basis in His Partnership Interest in XXL

question 108

Multiple Choice

Lars has a basis in his partnership interest in XXL of $100,000.He sells the partnership interest in XXL for $160,000.XXL is a cash-basis partnership which has accounts receivable with a $30,000 fair market value and a zero adjusted basis.Lars's share of these receivables is $10,000.What is the amount and character of the gain that Lars recognizes on the sale of his partnership interest?

• A)$50,000 capital gain
• B)$60,000 capital gain
• C)$10,000 ordinary income and $50,000 capital gain
• D)$10,000 ordinary income and $60,000 capital gain

Comprehend the origins and functions of religion according to William James and Durkheim.

Analyze the role of religion in socialization and its evolution over time.

Evaluate the scientific approach of sociologists towards the claims of various religions.

Identify the shifting patterns of religious authority and participation in contemporary society.

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Definitions:

Real GDP

Real GDP, or Real Gross Domestic Product, measures the value of all goods and services produced by an economy in a specific period, adjusted for inflation, providing a more accurate representation of an economy's size and growth rate.

Standardized Shipping Containers

Uniformly sized containers used in global shipping, which simplify transportation, handling, and storage of goods.

Ground Transportation

Travel or movement of people or goods using vehicles operating on the ground, such as buses, trains, or cars.

Air Freights

The transportation of goods by aircraft, a method often chosen for its speed and efficiency, especially for long-distance shipments of perishable or time-sensitive items.