Hunter Contributes Property Having a $75,000 FMV and a $65,000

question 32

Multiple Choice

Hunter contributes property having a $75,000 FMV and a $65,000 adjusted basis which is subject to a $36,000 mortgage in exchange for a one-fourth interest in the ABC Partnership.The partnership owes no other debts,but does assume this mortgage.Profits and losses are shared equally and each partner has a one-fourth interest in partnership capital.Hunter's basis in the partnership is

• A)$38,000.
• B)$48,000.
• C)$74,000.
• D)$84,000.

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Definitions:

Sensory Systems

The part of the nervous system responsible for processing sensory information from the environment, including sight, sound, smell, taste, and touch.

Receptors

Specialized cells or proteins in the body that bind to specific substances, such as hormones or neurotransmitters, to initiate a physiological response.

Hapsis

The perception of touch and proprioception, involving the sensation of the body and its movements.

Perception

The process by which individuals organize and interpret their sensory impressions to give meaning to their environment.