Atiqa Receives a Nonliquidating Distribution of Land from Her Partnership

question 76

Multiple Choice

Atiqa receives a nonliquidating distribution of land from her partnership.The partnership purchased the land five years ago for $20,000.At the time of the distribution,it is worth $28,000.Prior to the distribution,Atiqa's basis in her partnership interest is $37,000.Atiqa's basis in the distributed land her post-distribution basis in her partnership interest are:

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Definitions:

Quantitative Data

Data that are numeric and typically visualized and analyzed using data tables, calculations, equations, and graphs.

Quantitative Data

Information that can be measured and written down with numbers, often used for statistical analysis or scientific research.

Centimeters Per Year

A unit of measurement that describes the rate of movement of tectonic plates or the growth of geological formations.

Qualitative Data

Data that include descriptive words, labels, sketches, or other images.