Blaine Contributes Property Valued at $50,000 (Basis of $40,000) in Exchange

question 173

True/False

Blaine contributes property valued at $50,000 (basis of $40,000) in exchange for a 25% interest in the BIKE Partnership. If the property is later sold for $70,000, gain of $15,000 will be allocated to Blaine.

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Definitions:

Construct's Range

Construct's range refers to the spectrum or extent of phenomena that a theoretical concept or psychological construct can explain or cover.

Relevance

The quality or state of being closely connected or appropriate to the matter at hand, often used in discussions of information, research findings, or arguments.

Needs

Fundamental requirements or necessities for physical and psychological well-being, such as food, shelter, esteem, and belonging.

Construction Corollary

A principle in George Kelly's personal construct theory that suggests people anticipate events by the meanings they place on their experiences.