Cameron Has a Basis in His Partnership Interest of $5,000

question 75

Multiple Choice

Cameron has a basis in his partnership interest of $5,000.Cameron's share of partnership income is $5,000.He also receives a cash distribution from the partnership of $13,000.What is his gain or loss as a result of the distribution?

• A)$13,000.
• B)$5,000.
• C)$3,000.
• D)$0.

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Definitions:

Globulins

Plasma proteins that transport lipids and some vitamins.

Plasma Proteins

Vital proteins found in blood plasma involved in diverse functions, including clotting, immune responses, and carrying substances throughout the body.

Universal Donors

Individuals with the blood type O negative, regarded as universal donors because their blood can be transfused into persons of any blood type.

Blood Type

This refers to the classification of human blood based on the presence or absence of inherited antigenic substances on the surface of red blood cells. The most common classifications are A, B, AB, and O.