K Owns 25 Percent of a Partnership

question 44

Multiple Choice

K owns 25 percent of a partnership.K's basis in the partnership was $12,000 before she received a current proportionate distribution of equipment with a basis of $14,000 and a liability against it of $6,000.How much is K's basis in the partnership after the distribution?

• A)$1,500
• B)$2,000
• C)$2,500
• D)$4,500
• E)$0

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Definitions:

UHDDS

Uniform Hospital Discharge Data Set, a system for collecting and coding patient data for statistical analysis and health care decision making.

POA Assignments

Tasks or responsibilities assigned as part of a Power of Attorney agreement, whereby one party acts on another's behalf in legal or financial matters.

Codes

A system of symbols or sequences used to represent information.

DRG

Diagnosis-Related Group, a system to classify hospital cases for the purpose of Medicare and health insurance payments.