The December 31,2012 Balance Sheet of GRT Services,LLP Reads as Follows

question 64

Multiple Choice

The December 31,2012 balance sheet of GRT Services,LLP reads as follows: The partners share equally in partnership capital,income,gain,loss,deduction,and credit.Capital is not a material income-producing factor to the partnership,and all partners are active in the business.On December 31,2012,general partner Ronda receives a distribution of $190,000 cash in liquidation of her partnership interest under § 736.Ronda's outside basis for the partnership interest immediately before the distribution is $140,000.How much is Ronda's gain or loss on the distribution and what is its character?

• A)$50,000 ordinary income.
• B)$40,000 ordinary income;$10,000 capital gain.
• C)$40,000 capital gain;$10,000 ordinary income.
• D)$50,000 capital gain.
• E)None of the above.

Understand the relationship between career management and performance management processes.

Knowledge of legal and validation requirements for performance appraisals.

Identify different types of discussions and assessments within an organization.

Comprehend the methodology and implications of a 360-degree appraisal.

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Definitions:

Property Settlement

The division of property between spouses on the termination of a marriage.

Client Confidentiality

An ethical principle requiring attorneys to keep information related to their clients secret and not disclose it without the client's consent.

Common Area

A space within a property or development that is available for use by all occupants or members, and not owned individually.

Attorney-Client Privilege

A rule of evidence requiring that confidential communications between a client and his or her attorney, relating to their professional relationship, be kept confidential unless the client consents to disclosure.