Tenika Has a $10,000 Basis in Her Interest in the TF

question 73

Multiple Choice

Tenika has a $10,000 basis in her interest in the TF Partnership and no remaining precontribution gain immediately before receiving a current distribution that consisted of $4,000 in money, plastic tubes held in inventory with a $3,000 basis to the partnership and an FMV of $3,375, and drip irrigation pipe held as inventory with a $6,000 basis to the partnership and an FMV of $5,000. What is the basis in Tenika's hands of the distributed property?

• A)$10,000
• B)$6,000
• C)$9,000
• D)$10,125

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Definitions:

Celibacy

The condition of refraining from entering into marriage and engaging in sexual activities.

Dysfunctionality

The state of not functioning normally or adequately, especially in the context of social behaviors and relationships.

Virginal

Pertaining to, characteristic of, or in the state of being a virgin; pure or untouched.

Sexually Experienced

A descriptor for individuals who have engaged in sexual activities.