Nadine Fimple Is a One-Third Partner in the NWL Partnership

question 84

Short Answer

Nadine Fimple is a one-third partner in the NWL Partnership with equal inside and outside bases. On January 1, NWL distributes $100,000 to Nadine in complete liquidation of her FPL interest. NWL's balance sheet as of January 1 is as follows: $\begin{array}{l}\begin{array}{c}\\Cash\\Inventory\\Total\\\end{array}\begin{array}{c}\text { Basis } \\\$ \mathbf{12 0 , 0 0 0} \\\underline{\mathbf{6 0 , 0 0 0}} \\\$ \mathbf{18 0 , 0 0 0} \\\hline\end{array}\begin{array}{c}{\text { FMV }}\\{\$ 120,000} \\\underline{\mathbf{180, 0 0 0}} \\\hline \mathbf{\$300 , 0 0 0} \\\end{array}\end{array}$

Brooke, capital $\quad\quad\$60,000$
Penelope, capital $\quad\quad60,000$
Amanda, capital $\quad\quad\underline{60,000}$
Total $\quad\quad\quad\quad\quad\quad\$180,000$ What is the amount and character of Nadine's recognized gain or loss on the distribution?

Comprehend the major categories of federal spending.

Understand the opportunity cost of borrowing to finance government deficits.

Compare the proportion of taxes in the U.S. to other industrially advanced countries.

Calculate the impact of taxes and government borrowing on domestic output and personal income.

---

Definitions:

Psychodynamic Practitioners

Therapists who use theories and techniques based on psychoanalytic concepts to explore the unconscious mind and its influence on behavior.

Survey Method

A research technique that involves asking a large number of people questions on a particular subject and analyzing their responses to draw conclusions.

Questionnaire

A structured set of questions designed for collecting information from individuals on various topics.

Biologically-Oriented Psychologists

Psychologists who analyze how the brain, neurotransmitters, and other aspects of our biology influence our behaviors, thoughts, and feelings.