Create an account to track your scores
and create your own practice tests:
Test:CPA Regulation (REG)
1. | Slate’s basis in Arch Partnership was $70,000 at the time he received a nonliquidating distribution of partnership capital assets. These capital assets had an adjusted basis of $65,000 to Arch and a fair market value of $83,000. Arch had no unrealized receivables, appreciated inventory, or properties that had been contributed by its partners. What was Slate’s recognized gain or loss in the distribution? |
$5,000 capital loss
$13,000 capital gain
$0
$18,000 ordinary income
Popular Subjects
Chemistry Tutors in San Francisco-Bay Area,Spanish Tutors in Washington DC,Statistics Tutors in Phoenix,Statistics Tutors in Seattle,Calculus Tutors in Miami,SAT Tutors in San Francisco-Bay Area,Physics Tutors in Los Angeles,Reading Tutors in San Diego,Math Tutors in San Francisco-Bay Area,SAT Tutors in Washington DC
Popular Courses & Classes
ACT Courses & Classes in Phoenix,Spanish Courses & Classes in Chicago,GMAT Courses & Classes in Philadelphia,LSAT Courses & Classes in New York City,Spanish Courses & Classes in New York City,GRE Courses & Classes in Dallas Fort Worth,SSAT Courses & Classes in Chicago,GMAT Courses & Classes in Seattle,LSAT Courses & Classes in Phoenix,GRE Courses & Classes in Philadelphia
Popular Test Prep
LSAT Test Prep in Atlanta,ISEE Test Prep in Seattle,LSAT Test Prep in Philadelphia,ISEE Test Prep in New York City,SAT Test Prep in San Diego,LSAT Test Prep in Los Angeles,ACT Test Prep in Los Angeles,LSAT Test Prep in Denver,GMAT Test Prep in New York City,ACT Test Prep in Phoenix