Lori, a Partner in the JKL Partnership, Received a Proportionate

question 149

True/False

Lori, a partner in the JKL partnership, received a proportionate nonliquidating distribution of $10,000 cash, unrealized receivables with a basis of $0 and a fair market value of $15,000, and land with a basis of $6,000 and a fair market value of $10,000.Her basis in the partnership interest immediately before the distributions was $14,000.She will recognize $0 gain on the distribution, and her basis in the receivables and land will be $0 and $4,000 respectively.

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Definitions:

Decrease in Price

A reduction in the cost of a good or service, often resulting in increased demand or consumption.

Decrease in Supply

A reduction in the total amount of a given good or service that is available to consumers, often leading to higher prices.

Demand for Movies

The desire or preference of consumers to watch movies, which can be influenced by factors such as price, quality, and accessibility.

Labor-Saving Technology

Technology that reduces the amount of labor required to produce goods or services, often leading to increased efficiency.