Danielle Has a Basis in Her Partnership Interest of $12,000

question 44

Multiple Choice

Danielle has a basis in her partnership interest of $12,000. She receives a current distribution of $8,000 cash and equipment with a basis of $7,000. There is no potential gain under Sec. 737. What is her basis in the equipment?

• A) $0
• B) $7,000
• C) $4,000
• D) none of the above

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Definitions:

WISC-IV

The Wechsler Intelligence Scale for Children, Fourth Edition, a tool designed to assess the intelligence of children ages 6-16.

Full Scale IQ

A comprehensive measure of an individual's overall cognitive ability, as derived from various standardized intelligence tests.

Composite Scores

Aggregated scores obtained from combining several different test scores to provide a comprehensive assessment result.

Halsted-Reitan Battery

A neuropsychological test battery used to evaluate brain and nervous system functioning by assessing motor skills, sensory skills, reflexes, and cognitive abilities.