Maxine Has a 65% Interest in a Partnership

question 92

Multiple Choice

Maxine has a 65% interest in a partnership.Maxine sells land to the partnership for $60,000.Prior to the sale,the land had a FMV of $60,000 and an adjusted basis of $90,000 to Maxine.Later,the partnership sells the land to an outsider for $110,000.The partnership must report a gain of

• A)$0.
• B)($30,000).
• C)$20,000.
• D)$50,000.

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Definitions:

Type D Personality

A personality disposition characterized by high negative affectivity (e.g., worry, irritation) and social inhibition (reticence and a lack of confidence in social interactions).

Trouble Sleeping

Difficulties in falling or staying asleep, which can lead to decreased quality of life and health issues.

Type T Personality

A term used to describe individuals who crave excitement, are risk-takers, and often seek out thrilling experiences.

Thrill-Seeking

The pursuit of activities that provide a rush of adrenaline, such as extreme sports or adventurous experiences.