Three years ago, Melissa contributed land to a partnership. Her basis in the land then was $5,000, and its fair value was $9,000. This year, the land is distributed to Sean, another partner in the partnership. Melissa and Sean each have a 50 percent capital and profits interest in the partnership. The land’s fair value is $12,000 when it’s distributed. (Assume none of the precontribution gain has been previously recognized.)   If Sean’s outside basis is $14,000 prior to the distribution, what is his beginning basis in the distributed property?

You have performed an ECG on a patient, resulting in the following ECG tracing, this a 6 second strip. How would you classify the patient’s rhythm? 

The ECG strip has 20 small boxes between R-R and the rhythm is regular; what is the heart rate?

Bill and Claudette formed Cypress, a general partnership, by contributing the following assets in exchange for 50 percent capital and profits interests in the partnership:     Basis Fair value Bill:     Cash $10,000 $10,000 Machinery $50,000 $20,000 Total $60,000 $30,000 Claudette:     Land $40,000 $80,000 Total $40,000 $80,000   What is Cypress’s total (inside) basis in the contributed assets?

Sam is allocated a ($7,000) loss from Longleaf, a general partnership in which Sam is an active and material participant. His basis in the partnership interest was $11,000 prior to considering his share of Longleaf’s loss. This $11,000 basis includes Sam’s $2,600 share of recourse debt and $5,300 share of nonrecourse debt. (These debt allocations did not change during the year.) How much loss may Sam deduct this year after considering any applicable loss limitations?

Which wave is highlighted in the picture below? ECG Waves.png

Three years ago, Melissa contributed land to a partnership. Her basis in the land then was $5,000, and its fair value was $9,000. This year, the land is distributed to Sean, another partner in the partnership. Melissa and Sean each have a 50 percent capital and profits interest in the partnership. The land’s fair value is $12,000 when it’s distributed. (Assume none of the precontribution gain has been previously recognized.)   If Sean’s outside basis is $14,000 prior to the distribution, what is his beginning basis in the distributed property?

How many leads are placed on the chest for a 12-lead ECG?

Two years ago, Idalia contributed land to a partnership. Her basis in the land then was $7,000, and its fair value was $14,000. This year, the land is distributed to Wilfred, another partner in the partnership. Idalia and Wilfred each have a 50 percent capital and profits interest in the partnership. At the time of distribution, the land’s fair value is $12,000, Idalia outside basis is $24,000, and Wilfred’s outside basis is $30,000. What are Idalia’s and Wilfred’s outside bases after the distribution? (Assume none of the precontribution gain has been previously recognized.)

Ana contributed land purchased four years ago and previously used in her sole proprietorship to Elm, a general partnership. The land had an adjusted basis of $50,000 to Ana and a fair value of $30,000. In exchange for her contribution, Ana received a 10 percent capital and profits interest in Elm. The partnership has only one liability: a $60,000 mortgage (nonrecourse debt) securing its warehouse.   What is Ana’s holding period in her partnership interest, and what is Elm’s holding period in the contributed land?