Megan and matthew are equal partners in the j & j partnership (calendar-year-end entity). on january 1 of the current year, they decide to liquidate the partnership. megan’s basis in her partnership interest is $100,000 and matthew’s is $35,000. the two partners receive identical distributions with each receiving the following assets:
tax basis fmv
cash .$ 30,000 $ 30,000
inventory 5,000 6,000
land 500 1,000
totals .$ 35,500 .$37,000
a. what is the amount and character of megan’s recognized gain or loss?
b. what is megan’s basis in the distributed assets?
c. what is the amount and character of matthew’s recognized gain or loss?
d. what is matthew’s basis in the distributed assets?

The interaction of individual choices because a type of fish is on the verge of extinction, the government imposes rules that prohibit fishing in the publicly owned spawning grounds. at first owners of fshing bouts complain about this restriction on where they can fish, but soon they notice that the number of adult fish swimming outside the protected area is much higher than it was before. with the restriction, each fishing boat ends up catching more fish than it did before the r which of the following principles of economic interaction best describes this scenario? o there is a tradeoff between equality and efficiency o markets usually lead to efficiency. o when markets do not achieve efficiency, government intervention can improve overall welfare o markets allocate goodseffectively

Our uncle has $300,000 invested at 7.5%, and he now wants to retire. he wants to withdraw $35,000 at the end of each year, starting at the end of this year. he also wants to have $25,000 left to give you when he ceases to withdraw funds from the account. for how many years can he make the $35,000 withdrawals and still have $25,000 left in the end? a. 14.21b. 14.96c. 15.71d. 16.49e. 17.32

During the current year, luis university received a $50,000 gift from an alumna who specified that it must be used to pay travel costs for faculty to attend health care conferences in foreign countries. during the year the university spent $8,000 to support travel to a health care conference in italy. the $8,000 disbursement will cause a net decrease in which class of net assets?