Martha Transferred Property with a FMV of $60,000 (Adjusted Basis

question 50

Multiple Choice

Martha transferred property with a FMV of $60,000 (adjusted basis $30,000) ,which is subject to a $40,000 mortgage in exchange for a one-third interest in a partnership.The partnership has no other liabilities.The partners of MNO own the partnership equally.The partnership's basis in the property contributed is

• A)$0.
• B)$40,000.
• C)$30,000.
• D)$60,000.

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Definitions:

Set-Point Model

A theory suggesting that individuals have a pre-set, natural body weight, regulated by genetic and environmental factors.

Positive Incentive Model

A behavioral theory suggesting that behavior is motivated by a desire for positive incentives or rewards.

Obesity

A medical condition characterized by excess body fat that presents a risk to health, often defined by a body mass index (BMI) of 30 or higher.

Controlled Starvation

A medically supervised dietary regimen that significantly reduces calorie intake to promote weight loss or to achieve specific health outcomes, but requires careful management to avoid malnutrition.