The JIH Partnership distributed the following assets to partner James in a proportionate liquidating distribution in which the partnership is liquidated: $25,000 cash,land parcel A (basis of $5,000,fair market value of $30,000),and land parcel B (basis of $5,000,fair market value of $15,000).James's basis in his partnership interest was $85,000 immediately before the distribution.
Definitions:
Gardner's Theory
Refers to Howard Gardner's theory of multiple intelligences, which proposes that individuals have various kinds of intelligences, not just a single intelligence.
Multiple Intelligences
A theory proposing that intelligence is not a single entity but rather comprises several distinct types of cognitive abilities.
Mathematical Ability
The capacity to understand, manipulate, and solve numerical and logical problems.
Genetic Component
The part of a characteristic or disease risk attributed to variations or mutations in genes.
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