Mark and Addison Formed a Partnership

question 108

Multiple Choice

Mark and Addison formed a partnership.Mark received a 25% interest in partnership capital and profits in exchange for land with a basis of $40,000 and a fair market value of $60,000.Addison received a 75% interest in partnership capital and profits in exchange for $180,000 of cash.Three years after the contribution date, the land contributed by Mark is sold by the partnership to a third party for $76,000.How much taxable gain will Mark recognize from the sale?

• A)$0.
• B)$9,000.
• C)$24,000.
• D)$36,000.
• E)None of the above.

Distinguish between the physiological and cognitive aspects of emotional responses.

Explain the role of the autonomic nervous system in emotional reactions.

Describe the impact of cultural influences on emotional expressions.

Recognize the significance of facial expressions in conveying emotions.

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Definitions:

Long Run

When all costs become variable costs and firms can enter or leave the industry.

Covert Collusion

A secretive agreement among firms to fix prices, limit production, or divide markets, which is illegal and against regulatory policies.

Cut Throat Competition

An intense form of competition where businesses aggressively undercut each other's prices, often at the expense of profit margins.

Cartels

Agreements among competing firms in an industry to control prices, limit production, or divide markets, with the goal of maximizing collective profits.