Danielle Has a Basis in Her Partnership Interest of $12,000

question 48

Multiple Choice

Danielle has a basis in her partnership interest of $12,000. She receives a current distribution of $8,000 cash and equipment with a basis of $7,000. There is no potential gain under Sec. 737. What is her basis in the equipment?

• A)$0
• B)$4,000
• C)$7,000
• D)none of the above

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Definitions:

Delayed Phase Preference

A shift in sleep patterns characterized by staying up later in the evening and sleeping later in the morning than younger children that has been associated with hormonal changes at puberty.

Sexual Dimorphism

The differences in appearance between males and females of the same species, beyond the differences in their sexual organs.

Heredity

The passing of traits from parents to offspring through genes, affecting an individual's characteristics and predispositions.

Homosexual Orientation

A sexual orientation characterized by a romantic or sexual attraction to individuals of the same gender.