Michelle receives a proportionate liquidating distribution when the basis of her partnership interest is $50,000. The distribution consists of $58,000 cash and non-inventory property (adjusted basis to the partnership of $10,000 and fair market value of $12,000). The partnership has no hot assets. How much gain or loss does Michelle recognize, and what is her basis in the distributed property?

a. $0 gain or loss; $0 basis in property.
b. $0 gain or loss; $50,000 basis in property.
c. $8,000 ordinary income; $0 basis in property.
d. $8,000 capital gain; $10,000 basis in property.
e. $8,000 capital gain; $0 basis in property.

Colah company purchased $1.8 million of jackson, inc. 8% bonds at par on july 1, 2018, with interest paid semi-annually. when the bonds were acquired colah decided to elect the fair value option for accounting for its investment. at december 31, 2018, the jackson bonds had a fair value of $2.08 million. colah sold the jackson bonds on july 1, 2019 for $1,620,000. the purchase of the jackson bonds on july 1. interest revenue for the last half of 2018. any year-end 2018 adjusting entries. interest revenue for the first half of 2019. any entry or entries necessary upon sale of the jackson bonds on july 1, 2019. required: 1. prepare colah's journal entries for above transaction.

Personal financial planning is the process of creating and achieving financial goals? true or false

Money aggregates identify whether each of the following examples belongs in m1 or m2. if an example belongs in both, be sure to check both boxes. example m1 m2 gilberto has a roll of quarters that he just withdrew from the bank to do laundry. lorenzo has $25,000 in a money market account. neha has $8,000 in a two-year certificate of deposit (cd).