The ELF Partnership Distributed $20,000 Cash to Emma in a Proportionate

question 53

True/False

The ELF Partnership distributed $20,000 cash to Emma in a proportionate, nonliquidating distribution. Emma's basis in her partnership interest was $12,000 immediately before the distribution. As a result of the distribution, Emma's basis is reduced to $0 and she recognizes an $8,000 gain.

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Command Button

A user interface element that triggers a pre-defined action or event when clicked by the user, typically found in software applications.

Check Box

A form control element that allows users to make binary choices, typically represented as a square box that can be marked with a check symbol.

Combo Box

An interactive control found in user interfaces that allows the user to choose an item from a list or type a value.

List Box

A user interface element that displays a list of options from which a user can select one or more items.