Tenika Has a $10,000 Basis in Her Interest in the TF

question 59

Multiple Choice

Tenika has a $10,000 basis in her interest in the TF Partnership and no remaining precontribution gain immediately before receiving a current distribution that consisted of $4,000 in money,plastic tubes held in inventory with a $3,000 basis to the partnership and an FMV of $3,375,and drip irrigation pipe held as inventory with a $6,000 basis to the partnership and an FMV of $5,000.What is Tenika's basis for the plastic tubes and drip irrigation pipe?

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Definitions:

Myelin Sheath

The fatty covering around nerve fibers that increases the speed and efficiency of electrical signal transmission in the nervous system.

Neuron

A specialized cell transmitting nerve impulses; a nerve cell, consisting of a cell body, dendrites, and an axon.

Spinal Cord

A long, thin, tubular bundle of nervous tissue and support cells that extends from the brain, the major conduit for information traveling between the brain and the rest of the body.

Neuron

A specialized cell transmitting nerve impulses; a nerve cell, which is the fundamental unit of the nervous system enabling communication throughout the body.