Greg Has a 20% Capital and Profits Interest in the Calendar-Year

question 15

Essay

Greg has a 20% capital and profits interest in the calendar-year GDJ Partnership.His adjusted basis for his partnership interest on September 1 of the current year is $300,000.On that date,the partnership liquidates and makes a proportionate distribution of the following assets to Greg.

a.Calculate Greg's recognized gain or loss on the liquidating distribution, if any.
a. change if the partnership also distributed a chair to Greg? Assume the chair has a $500 adjusted basis (FMV is $800) to the partnership.
b.How would your answer to

Apply the principle of parsimony in phylogenetic analysis.

Interpret phylogenetic trees and the concept of sister taxa.

Evaluate the utility of different molecular data in phylogenetic analysis.

Understand the impact of environmental factors and mutagens on evolutionary studies.

---

Definitions:

Letters Patent Corporation

A document issued by a government granting rights, privileges, or status to an individual or company, historically used to establish corporations.

Limited Liability Partnership

A partnership where some or all partners have limited liabilities, meaning they are not personally responsible for the debts of the business.

Capital Contributions

Funds or assets contributed to a partnership or corporation by its owners or partners to support its operations or finance its objectives.

Negligence

The failure to exercise the care that a reasonably prudent person would exercise in like circumstances, resulting in harm or damage to another.