During 2013,Track Corporation Distributes Property to Cindy as Part of a Complete

question 102

Multiple Choice

During 2013,Track Corporation distributes property to Cindy as part of a complete liquidation.Property included in the distribution is $30,000 in cash,land with a $40,000 adjusted basis and a $60,000 FMV,and a copyright without an ascertainable FMV and having a zero basis.The first payment to Cindy of $8,000 for use of the copyrighted property occurs in 2014.Cindy has a basis in the Track stock of $95,000 immediately preceding the liquidation.The minimum amount of gain that Cindy must recognize is a

• A)$3,000 gain in 2014.
• B)$0 gain in 2013.
• C)$3,000 gain in 2013,which is reported on an amended current-year tax return that is filed in 2014.
• D)none of the above

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Definitions:

Psychiatric Nurse

A specialized nurse who provides care for patients with mental illness or distress, often working within psychiatric wards or community mental health teams.

Case Manager

A professional who coordinates care for individuals, often in healthcare or social service settings, to ensure they receive the necessary services.

Effective Relationship

A connection between individuals or entities characterized by communication, trust, respect, and mutual benefits.

Partial Hospitalization Program

A structured program of outpatient psychiatric services provided as an alternative to inpatient psychiatric care, designed for individuals who require intensive treatment but not 24-hour care.