1. On January 1 2011 Connie Jill and Hillary formed a three-person equal partne

1. On January 1 2011 Connie Jill and Hillary formed a three-person equal partnership with Connie and Jill each contributing $100000 and Hillary contributing securities with an adjusted basis to her of $60000 and a fair market value of $100000. On September 30 2011 the partnership sold the securities for $130000. How much gain was required to be allocated to Hillary as a result of the sale by the partnership?A. $30000.B. $40000.C. $50000.D. $70000.2. Ronald and Roy formed an equal partnership R&R Partnership a general partnership on January 1 2011. Ronald contributed $100000 in exchange for his one-half interest in R&R partnership. Roy contributed land worth $100000 and with an adjusted basis to Roy of $30000 in exchange for his one-half interest in the partnership. Roy is a real estate developer and at the time of the contribution the land was inventory in his hands. The land is a capital asset in the hands of R&R Partnership. If R&R Partnership sells the land in 2017 to an unrelated taxpayer for $180000 how much gain will be recognized by R&R Partnership and what will be the character of the gain?A. $80000 all of which gain will be ordinary incomeB. $150000all of which gain will be capital gain.C. $150000all of which gain will be ordinary income.D. $150000 consisting of $80000 capital gain and $70000 ordinary income.4. What is Margaret s adjusted basis in her partnership interest in MP Partnership at the end of 2011?A. 0.B. $1300.C. $9000.D. $2700.Glenda received a proportionate non liquidating distribution from the EFG Partnership. The distribution consisted of $10000 cash and property with an adjusted basis to the partnership of $34000 and a fair market value of $42000. Immediately before the distribution Glenda s adjusted basis in her partnership interest was $60000. How much is Glenda s basis in the non cash property distributed to her?A. $10000.B. $34000.C. $42000.D. $50000.