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Mike and Jennifer form an equal partnership. Mike contributes cash of $15,000 and Jennifer contributes land having a $15,000 FMV and a basis of $5,000. If the partnership sells the land three years later for $18,000, what are the tax consequences to Mike and Jennifer?
Anticline
A type of fold that is arched upward and has its oldest beds at its core, often associated with oil and gas reservoirs.
Syncline
A fold in rock layers that dips downwards, where the youngest layers are at the core of the fold.
Monocline
A type of geological fold in which all layers are inclined in the same direction; it is an example of a simple bend in rock layers.
Lineation
A linear structure in a metamorphic rock.
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