Sharon Contributed Property to the Newly Formed QRST Partnership

question 31

Multiple Choice

Sharon contributed property to the newly formed QRST Partnership.The property had a $100,000 adjusted basis to Sharon and a $160,000 fair market value on the contribution date.The property was also encumbered by a $120,000 nonrecourse debt,which was transferred to the partnership on that date.Another partner,Rochelle,shares 30% of the partnership income,gain,loss,deduction,and credit.Under IRS regulations,Rochelle's share of the nonrecourse debt for basis purposes is:

• A)$20,000.
• B)$30,000.
• C)$36,000.
• D)$100,000.
• E)$120,000.

Understand and avoid violations of sentence unity.

Identify and correct faulty parallelisms in sentence constructions.

Recognize and correct mixed and incomplete sentence constructions.

Manage emphasis in sentences to enhance message effectiveness.