The SSC Partnership Balance Sheet Includes the Following Assets on December

question 21

Multiple Choice

The SSC Partnership balance sheet includes the following assets on December 31 of the current year: $$\begin{array} { | l | r | r | } \hline & \text { Basis } & \text { FMV } \\\hline \text { Cash } & \$ 180,000 & \$ 180,000 \\\hline \text { Accounts receivable } & - 0 - & 60,000 \\\hline \text { Land } & 90,000 & 120,000 \\\hline \text { Total } & \$ 270,000 & \$ 360,000 \\\hline\end{array}$$ Susan, a 1/3 partner, has an adjusted basis of $90,000 for her partnership interest. If Susan sells her entire partnership interest to Emma for $120,000 cash, how much capital gain and ordinary income must Susan recognize from the sale?

• A) $30,000 ordinary income
• B) $30,000 capital gain
• C) $10,000 ordinary income; $20,000 capital gain
• D) $10,000 capital gain; $20,000 ordinary income

Understand the stages of cognitive development according to Piaget, including their chronological order and defining characteristics.

Recognize the concept of assimilation and accommodation and their roles in cognitive development.

Identify factors influencing brain development and their implications for behavior and cognitive functions during different developmental stages.

Understand the preferential looking and habituation research methods and their findings on infant perceptual abilities.

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Definitions:

Characteristic Pattern

A consistent and observable behavior or feature repeated in a similar way across different contexts or situations.

Personality

The blend of features that constitute a person's individual identity.

Reality Principle

The reality principle is a psychoanalytic concept that describes the ego's role in mediating between the desires of the id and the constraints of the external world.

Neurological Sense

The perception and processing of sensory information by the nervous system.