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.

---

Definitions:

Environmental Deprivation

The lack or inadequacy of environmental stimuli and experiences, necessary for optimal psychological and physical development.

Generational Changes

The differences in opinions, values, traits, and behaviors observed between different generations.

Intelligence

The ability to acquire knowledge, think abstractly, reason, solve problems, and adapt to new situations.

Heritability

The proportion of observed variation in a particular trait that can be attributed to inherited genetic factors in a population.