In 2013,Angel Contributes Land to a Partnership with a Basis

question 12

Multiple Choice

In 2013,Angel contributes land to a partnership with a basis of $12,000 and a FMV of $22,000.In 2014,when the FMV of the land is $28,000,the partnership distributes the land to Shelia,another partner.What is the gain or loss recognized by Angel on the distribution to Shelia?

• A) $0.
• B) $10,000.
• C) $16,000.
• D) $28,000.

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Definitions:

Cell Death

The process by which a cell ceases to function and is eliminated, which can be a natural part of development or result from disease.

Brain Efficiency

The ability of the brain to perform tasks quickly and accurately using the least amount of mental effort.

Disjunct

A term used in logic to refer to an element of a disjunction, where at least one of the disjuncts must be true for the disjunction to be true.

Disjunction

An operation in logic that returns true when at least one input is true.