Smith, a partner in Ridge Partnership, had a basis in the partnership interest of $100,000 at the time Smith received a nonliquidating distribution of land with an adjusted basis of $75,000 to Ridge and a fair market value of $135,000. Ridge had no unrealized receivables, substantially appreciated inventory, or properties that had been contributed by its partners. Which of the following statements is(are) true regarding the distribution?
I. Ridge recognized a $60,000 capital gain from the distribution.
II. Smith's holding period for the land includes the time it was owned by Ridge.

Atrough in the business cycle occurs when

Jodie lives in a developing nation where the local markets are underdeveloped in terms of domestic exposure. her country wants to boost these domestic industries in the face of heavy competition from foreign players in the market. which trade practice should jodie’s country adopt to shield its domestic industries from foreign players? jodie’s country should adopt to shield its domestic industries from foreign players. typing answer

Select the correct answer. after the 2008 recession, the amount of reserves in the us banking system increased. because of federal reserve actions, required reserves increased from $44 billion to $60 billion. however, banks started holding more reserves than required. by january 2009, banks were holding $900 billion in excess reserves. the federal reserve started paying interest on the excess reserves that the banks held. what possible impact will these unused reserves have on the economy? a. the interest rate on loans will fall. b. people will demand more foreign goods. c. people will start borrowing more money. d. the economy will face inflation. e. foreign investments will increase.