The SSC Partnership Balance Sheet Includes the Following Assets on December

question 5

Multiple Choice

The SSC Partnership balance sheet includes the following assets on December 31 of the current year: $$\begin{array} { | l | r | r | } \hline & \text { Basis } & \underline { \text { FMV } } \\\hline \text { Cash } & \$ 180,000 & \$ 180,000 \\\hline \text { Accounts receivable } & - 0 - & 60,000 \\\hline \text { Land } & 90,000 & 120,000 \\\hline \text { Total } & \underline { \$ 270,000 } & \underline { \$ 360,000 } \\\hline\end{array}$$ Susan, a 1/3 partner, has an adjusted basis of $90,000 for her partnership interest. If Susan sells her entire partnership interest to Emma for $120,000 cash, how much capital gain and ordinary income must Susan recognize from the sale?

• A) $30,000 ordinary income
• B) $30,000 capital gain
• C) $10,000 ordinary income; $20,000 capital gain
• D) $10,000 capital gain; $20,000 ordinary income

Identify the main components and functions of the endocrine system.

Differentiate between the hemispheres of the cerebral cortex in terms of their dominant functions.

Recognize the role of the corpus callosum in connecting the two hemispheres of the brain.

Understand the physiological changes regulated by the endocrine system during puberty.

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Definitions:

Reliability

The probability that a machine part or product will function properly for a specified time under stated conditions.

Facilitator

An individual who enables groups and organizations to work more effectively; to collaborate and achieve synergy.

Determinants

Factors or variables that significantly influence the outcome or dynamics of a particular system, market, or economic model.