Lori, a Partner in the JKL Partnership, Received a Proportionate

question 149

True/False

Lori, a partner in the JKL partnership, received a proportionate nonliquidating distribution of $10,000 cash, unrealized receivables with a basis of $0 and a fair market value of $15,000, and land with a basis of $6,000 and a fair market value of $10,000.Her basis in the partnership interest immediately before the distributions was $14,000.She will recognize $0 gain on the distribution, and her basis in the receivables and land will be $0 and $4,000 respectively.

---

Definitions:

Semipermeable

Characteristic of a membrane that allows certain substances to pass through it while blocking others.

Depolarization

A decrease in the difference in electrical charge across a cell membrane, making the inside of the cell less negative compared to the outside.

Sodium Ions

Positively charged atoms (Na+) that play crucial roles in physiological processes, including nerve impulse transmission and muscle contraction.

Physiological Relaxation

A state in which the body is not in alert mode, often characterized by reduced tension and stress, and an increased feeling of calm.