Randi Owns a 40% Interest in the Capital and Profits

question 58

True/False

Randi owns a 40% interest in the capital and profits of the RAY Partnership.Immediately before she receives a proportionate nonliquidating distribution from RAY, the basis for her partnership interest is $60,000.The distribution consists of $45,000 in cash and land with a fair market value of $72,000.RAY's adjusted basis in the land immediately before the distribution is $36,000.As a result of the distribution, Randi recognizes a gain of $21,000.

---

Definitions:

LinkedIn

A professional networking platform that allows users to connect with colleagues, search for jobs, and showcase their professional experience and skills.

User Generated Content

Content created by users of a platform or service rather than by the platform's owners or professional producers.

Types of Social Networks

Various categories or platforms for online social interaction, distinguished by their features, purposes, and user communities.

Regular Updates

Frequent and consistent provision of the latest information or changes to all relevant parties.