The BLM LLC's Balance Sheet on August 31 Reads as Follows

question 16

Multiple Choice

The BLM LLC's balance sheet on August 31 reads as follows. $\begin{array}{lrr}&\text { Adjusted } & \\&\text { Basis } & \text { FMV } \\\text { Cash } & \$ 60,000 & \$ 60,000 \\\text { Receivables } & -0- & 150,000 \\\text { Capital assets } & \underline{90,000} & \underline{300,000} \\& \$ 150,000 & \$ 510,000\\\\\text { Nonrecourse debt } & \$ 90,000 & \$ 90,000 \\\text { Barney, capital } & 20,000 & 140,000 \\\text { Lillie, capital } & 20,000 & 140,000 \\\text { Marshall, capital } &{20,000}& \underline{140,000} \\&{\$ 150,000} & \$ 510,000\end{array}$ The nonrecourse debt is shared equally among the LLC members. On that date, Lillie sells her one-third interest to Robyn for $170,000, including cash and relief of Lillie's share of the nonrecourse debt. Lillie's outside basis for her interest in the LLC is $50,000, including her share of the LLC's debt. How much capital gain and/or ordinary income will Lillie recognize on the sale?

• A) $100,000 capital gain? $50,000 ordinary income.
• B) $120,000 capital gain? $0 ordinary income.
• C) $150,000 capital gain? $0 ordinary income.
• D) $150,000 capital gain? $50,000 ordinary income
• E) $70,000 capital gain? $50,000 ordinary income.

Grasp the concept of emotional intelligence and its significance in the workplace.

Identify the components necessary for effective training and conditions conducive to learning.

Recognize the role of ethics and corporate social responsibility in management training.

Explain the importance and methods of needs assessment in training programs.

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Definitions:

Systematic Desensitization

A therapeutic technique used to reduce phobia or anxiety through gradual exposure to the feared object or situation coupled with relaxation exercises.

Human Freedom

The concept referring to the power or capacity of humans to act or not act, make choices, and exercise will within the constraints of certain societal and physical factors.

Stress Inoculation Training

A psychological therapy that helps people to cope with stress by preparing them to deal with future stressors.

Negative Self-talk

The act of talking to oneself in a harmful and derogatory manner, often impacting one's self-esteem and mental health.