A Partnership Has Accounts Receivable with a Basis of $0

question 95

True/False

A partnership has accounts receivable with a basis of $0 and a fair market value of $20,000 and depreciation recapture potential of $30,000.All other assets of the partnership are either cash, capital assets, or § 1231 assets.If a purchaser acquires a 40% interest in the partnership from another partner, the selling partner will be required to recognize ordinary income of $20,000.

---

Definitions:

Self-report Data

Self-report data is information provided by individuals about themselves, often used in psychological research through questionnaires or interviews.

Personality Assessment

The process of evaluating an individual's character traits and behaviors, often using tests or questionnaires.

B Data

Behavioral data, or direct observations of another’s behavior that are translated directly or nearly directly into numerical form. B data can be gathered in natural or contrived (experimental) settings.

L Data

Life data, or more-or-less easily verifiable, concrete, real-life outcomes, which are of possible psychological significance.