William and Irene Each Contributed $20,000 Cash to the WI

question 111

Multiple Choice

William and Irene each contributed $20,000 cash to the WI Partnership on January 1 of last year. William and Irene share profits and losses equally. Last year, the partnership reported tax-exempt interest income of $4,000. This year, each partner receives $1,000 of the tax-exempt interest income in a cash distribution. There are no partnership liabilities and no other income, loss, contributions, or distributions during both years. William's basis in the partnership interest following these transactions is

• A)$19,000.
• B)$20,000.
• C)$21,000.
• D)$22,000.

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Definitions:

Total Energy Expenditure

The amount of calories burned by an individual through basal metabolic rate, physical activity, and thermic effect of food over a given period.

SMART Goal

A framework for setting specific, measurable, achievable, relevant, and time-bound objectives.

Fasting Blood Glucose

A test that measures the levels of glucose in the blood after an individual has not eaten for a certain period, used to diagnose diabetes.

High-risk Waist Circumference

A measurement indicative of a higher risk of developing obesity-related health conditions, usually based on guidelines that specify cutoff points for men and women.