Mirabelle Contributed Land with a $5,000 Basis and a $9,000

question 60

Multiple Choice

Mirabelle contributed land with a $5,000 basis and a $9,000 FMV to MS Partnership four years ago. This year the land is distributed to Sergio, another partner in the partnership. At the time of distribution, the land had a $12,000 FMV. How much gain should Mirabelle and Sergio recognize?

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Definitions:

Developmental Ages

Stages of growth and development characterized by specific milestones in physical, psychological, and emotional maturation.

Unchanging Capacity

A notion or belief that an individual's ability or potential in a certain area remains constant over time, without improvement or decline.

ADHD

Attention-Deficit/Hyperactivity Disorder, a neurodevelopmental disorder affecting both children and adults, characterized by persistent issues with attention, hyperactivity, and impulsiveness.

Brain Development

The process involving the growth and maturation of the brain over time, including the development of neural connections.