Melissa, Nicole, and Ben are equal partners in the Opto Partnership (calendar-year-end). Melissa decides she wants to exit the partnership and receives a proportionate distribution to liquidate her partnership interest on January 1. The partnership has no liabilities and holds the following assets as of January 1: Tax Basis FMV
Cash $18,450 $18,450
Accounts receivable 0 24,600
Stock investment 7,800 12,750
Land 31,500 39,000
Totals $57,750 $94,800
Melissa receives one-third of each of the partnership assets. She has a basis in her partnership interest of $25,975.
A. What is the amount and character of any recognized gain or loss to Melissa?
B. What is Melissa's basis in the distributed assets?
C. What are the tax implications (amount and character of gain or loss and basis of assets) to Melissa if her outside basis is $11,000 rather than $25,000?
D. What is the amount and character of any recognized gain or loss from the distribution to Opto?

The strength of the economy depends on the balance pf production and consumption of goods and consumption of goods and services

Nellie lumpkin, who suffered from dementia, was admitted to the picayune convalescent center, a nursing home. because of her mental condition, her daughter, beverly mcdaniel, signed the admissions agreement. it included a clause requiring the par- ties to submit any dispute to arbitration. after lumpkin left the center two years later, she filed a suit against picayune to recover damages for mistreatment and malpractice. [covenant health & rehabilitation of picayune, lp v. lumpkin, 23 so.2d 1092 (miss. app. 2009)] (see page 91.) 1. is it ethical for this dispute—involving negligent medical care, not a breach of a commercial contract—to be forced into arbitration? why or why not? discuss whether medical facilities should be able to impose arbitration when there is generally no bargaining over such terms.

Suppose the marginal damage and marginal benefit curves in a polluted neighborhood are md = p/3 and mb = 4 – p. also, suppose that transactions costs are low, so that the consumers and the firm can bargain. we saw that in this case, the socially-optimal level of pollution is achieved. start by computing the socially-optimal p. then, for each of the following cases, compute the amount of money transferred through the bargaining process, and indicate who pays whom (i.e., whether consumers pay the firm, or vice versa). also, compute the gains to each party relative to the status quo (i.e., the starting point of the bargaining process).a)consumers have the right to clean air; firm is dominant in the bargaining process.b)consumers have the right to clean air; consumers are dominant in the bargaining process.c)firm has the right to pollute; firm is dominant in the bargaining process.d)firm has the right to pollute; consumers are dominant in the bargaining proces