Multiple Choice
Cheryl and Nina formed a partnership.Cheryl received a 40% interest in partnership capital and profits in exchange for contributing land with a basis of $60,000 and a fair market value of $80,000.Nina received a 60% interest in partnership capital and profits in exchange for contributing $120,000 of cash.Three years after the contribution date,the land contributed by Cheryl is sold by the partnership to a third party for $90,000.How much taxable gain will Cheryl recognize from the sale?
A) $4,000.
B) $12,000.
C) $24,000.
D) $30,000.
E) None of the above.
Correct Answer:
Verified
Correct Answer:
Verified
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