10. Robin received a current distribution from Deli Corporation of $10,000 cash and equipment with an adjusted basis of $20,000 and a fair market value of $25,000. If Robin's basis for the partnership interest was $15,000 before the distribution, how much gain must Robin recognize on the distribution? a. $25,000 b. $10,000 C. $5,000 d. $0 11. Tom's adjusted basis for his partnership interest in Deli Partnership was $24,000. In complete liquidation of his interest in Deli, Tom received cash of $4,000 and real estate with a fair market value of $40,000. Deli's adjusted basis for the real estate was $15,000. Tom's basis for the real estate he received is: a. $4,000 b. $15,000 C. $16,000 d. $20,000 8. Deli Partnership was organized and began business on July 1, 2020. Deli incurred organizational expenses of $8,000 and will use the calendar year as its tax accounting period. What is the total amount of organizational expenses that can be deducted for 2020? a. $0 b. $8,000 c. $5,000 d. $5,100 9. David and John are equal partners in Deli Partnership. On January 1, 2020 each partner's adjusted basis in Deli was $40,000. During 2020, Deli borrowed $60,000 for which David and John are equally personally liable. Deli sustained a total ordinary loss of $10,000 for year-end December 31, 2020. What is the basis of each partner's interest at December 31, 2020? a. $35,000 b. $40,000 c. $65,000 d. $70,000