Mirabelle Contributed Land with a $5,000 Basis and a $9,000

question 60

Multiple Choice

Mirabelle contributed land with a $5,000 basis and a $9,000 FMV to MS Partnership four years ago.This year the land is distributed to Sergio,another partner in the partnership.At the time of distribution,the land had a $12,000 FMV.How much gain should Mirabelle and Sergio recognize?

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Definitions:

Esteem Needs

Esteem needs encompass an individual's desire for respect, self-esteem, self-confidence, and the recognition and appreciation from others.

Achievement Motivation

Describes a person's drive to strive for success and accomplish challenging goals.

Competitive Situations

Scenarios or environments where individuals or groups are in competition with each other to achieve a certain goal, often leading to heightened levels of performance.

Standard Of Excellence

A level of quality or achievement that is considered superior and serves as a benchmark for others to strive toward.