Scott Owns a 30% Interest in the Capital and Profits

question 59

True/False

Scott owns a 30% interest in the capital and profits of the SOS Partnership. Immediately before he receives a proportionate nonliquidating distribution from SOS, the basis of his partnership interest is $40,000. The distribution consists of $30,000 in cash and land with a fair market value of $80,000. SOS's adjusted basis in the land immediately before the distribution is $50,000. As a result of the distribution, Scott recognizes no gain or loss and his basis in the land is $10,000.

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Definitions:

Ideal Self

Represents an individual's conception of how they would like to be or what they strive to become.

Self-concept

An individual's perception of themselves, including their thoughts, feelings, and beliefs about their own identity and attributes.

High Self-esteem

is a positive valuation of oneself, reflecting confidence and satisfaction in one's abilities.

Humanistic Psychology

A psychological perspective that emphasizes personal growth, self-actualization, and the inherent goodness of people.