Mark and Addison Formed a Partnership

question 103

Multiple Choice

Mark and Addison formed a partnership. Mark received a 25% interest in partnership capital and profits in exchange for land with a basis of $40,000 and a fair market value of $60,000. Addison received a 75% interest in partnership capital and profits in exchange for $180,000 of cash. Three years after the contribution date, the land contributed by Mark is sold by the partnership to a third party for $76,000. How much taxable gain will Mark recognize from the sale?

• A) $0
• B) $9,000
• C) $16,000
• D) $24,000
• E) $36,000

Comprehend the concept of performance management and its impact on achieving organizational objectives.

Discuss the importance of maintaining positive employee relations and its role within human resources management.

Recognize the role of workforce analytics in making evidence-based HR decisions to support business goals.

Identify the legal and ethical considerations in human resource management practices.

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Definitions:

Formal Education

Structured and systematic instruction provided by trained teachers in institutions like schools and colleges, leading to recognized qualifications.

Employee Development

Organized activities and programs aimed at improving the knowledge, skills, and abilities of employees to enhance their performance and career progression.

Off-site

Activities or work performed away from the primary business location or outside the usual place of employment.

Assessment

The process of evaluating the performance, abilities, or qualities of an individual or organization.