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TEC Partners was formed during the current tax year. It incurred $10,000 of organizational expenses, $80,000 of startup expenses, and $5,000 of transfer taxes to retitle property contributed by a partner. The property had been held as MACRS property for ten years by the contributing partner, and had an adjusted basis to the partner of $300,000 and fair market value of $400,000. Which of the following statements is correct regarding these items?
Pressure Gauge
A tool or instrument used to measure the pressure of a gas or liquid in a system.
Gate Valve
A type of valve that uses a flat plate to open or close the flow of liquid in a pipeline, commonly used for on/off control rather than flow regulation.
Electronically Variable Steering
A technology that allows the steering response to adjust automatically based on speed, improving handling and comfort.
Full Redundancy
The duplication of critical components or functions of a system with the intention of increasing reliability of the operational capability.
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