Tenika Has a $10,000 Basis in Her Interest in the TF

question 73

Multiple Choice

Tenika has a $10,000 basis in her interest in the TF Partnership and no remaining precontribution gain immediately before receiving a current distribution that consisted of $4,000 in money, plastic tubes held in inventory with a $3,000 basis to the partnership and an FMV of $3,375, and drip irrigation pipe held as inventory with a $6,000 basis to the partnership and an FMV of $5,000. What is the basis in Tenika's hands of the distributed property?

• A)$10,000
• B)$6,000
• C)$9,000
• D)$10,125

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Definitions:

Cultural Practice

Rituals, traditions, or behaviors that are characteristic of a particular community, society, or ethnic group.

Underdeveloped Abilities

Skills or capabilities that have not yet achieved their full potential or expected level of maturity in an individual.

Distractibility

The extent to which external stimuli or unrelated thoughts can divert an individual's attention from the task at hand.

Executive Functioning

cognitive processes including planning, working memory, attention, problem solving, verbal reasoning, inhibition, mental flexibility, task switching, and initiation and monitoring of actions.