Maria Owns a 60% Interest in the KLM Partnership

question 7

True/False

Maria owns a 60% interest in the KLM Partnership.Four years ago her father gave her a parcel of land.The gift basis of the land to Maria is $60,000.In the current year, Maria had still not figured out how to use the land for her own personal or business use; consequently, she sold the land to the partnership for $75,000.The partnership immediately started using the land as a parking lot for its employees.Maria's recognized gain of $15,000 on the sale is capital-not ordinary.

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Definitions:

Constant Body Temperature

Pertains to the maintenance of a stable internal body temperature regardless of external conditions, characteristic of endotherms.

Having Hair

The characteristic of possessing hair, a keratinous filament growing from the epidermis primarily found in mammals.

Mammary Glands

Specialized organs in mammals that produce milk to nourish newborn offspring.

Constant Internal Temperature

The maintenance of a steady body temperature independent of the environment.