In 2014, Angel contributes land to a partnership with a basis of $12,000 and a FMV of $22,000. In 2015, when the FMV of the land is $28,000, the partnership distributes the land to Shelia, another partner. What is the gain or loss recognized by Angel on the distribution to Shelia?
A) $0.
B) $10,000.
C) $16,000.
D) $28,000.
Correct Answer:
Verified
Q44: Partner Jamie has a basis of $10,000
Q45: In 2014, Angel contributes land to a
Q46: A partner had the following items reported
Q48: Sabrina has a $12,000 basis in her
Q49: Partner Spence had the following items reported
Q51: Partner Tami (a 20% partner) had the
Q53: As a general rule,a distribution to a
Q55: Which of the following items decreases a
Q57: Sabrina has a $12,000 basis in her
Q59: Which of the following partnership items are
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents