Gerald Received a One-Third Capital and Profit (Loss)interest in XYZ

question 107

Multiple Choice

Gerald received a one-third capital and profit (loss) interest in XYZ Limited Partnership (LP) . In exchange for this interest, Gerald contributed a building with an FMV of $30,000. His adjusted basis in the building was $15,000. In addition, the building was encumbered with a $9,000 nonrecourse mortgage that XYZ LP assumed at the time the property was contributed. What is Gerald's outside basis immediately after his contribution?

• A)$6,000
• B)$9,000
• C)$21,000
• D)$24,000

Grasp the concept of unconscionability in contracts and its relevance to procedural and substantive fairness.

Identify the legal requirements and limitations on the enforcement of non-compete agreements and their impact on employment contracts.

Understand the legal implication of contracts entered under conditions such as intoxication and how they affect the contract's enforceability.

Understand the concept of perceptual constancy and identify examples of shape and size constancy.

---

Definitions:

Up

An increase or rise in value, level, or quantity.

X-variable

Typically refers to an independent variable in mathematical functions or statistical models, representing an input or cause that might affect an outcome.

Y-variable

A dependent variable in mathematical modeling, statistics, or scientific experiments, typically representing the outcome or result that is influenced by other variables.

Units

Basic measures or quantities, in specific dimensions, used to determine size, quantity, or degree in various contexts.