Zinc, LP Was Formed on August 1, 20X9

question 83

Multiple Choice

Zinc, LP was formed on August 1, 20X9. When the partnership was formed, Al contributed $10,000 in cash and inventory with a FMV and tax basis of $40,000. In addition, Bill contributed equipment with a FMV of $30,000 and adjusted basis of $25,000 along with accounts receivable with a FMV and tax basis of $20,000. Also, Chad contributed land with a FMV of $50,000 and tax basis of $35,000. Finally, Dave contributed a machine, secured by $35,000 of debt, with a FMV of $15,000 and a tax basis of $10,000. What is the total inside basis of all the assets contributed to Zinc, LP?

• A) $140,000.
• B) $165,000.
• C) $175,000.
• D) $200,000.

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Definitions:

Positive Explanatory Styles

A cognitive approach characterized by attributing positive events to stable, global, and internal factors, and negative events to unstable, specific, and external factors.

Hopelessness

The belief that negative events are inevitable and a sense of self-deficiency or unworthiness.

Expectations

Mental representations of future events, which can influence perception, cognition, and behavior in anticipation of those events.

Learned Helplessness

A state where an individual experiences feelings of inability to control their life, stemming from a traumatic experience or ongoing inability to achieve success.