35 . As of January 1, 2015, Jody's adjusted basis in her partnership interest was $25,000. Her share of partnership items 2015 is as follows: dividend income of $6,000 and an ordinary loss of $48,000. She received a distribution from the partnership of $15,000 during the year. She must report the following related to these transactions. a. Dividend income of $6,000, a nontaxable distribution of $15,000, an ordinary loss of $10,000, and a suspended loss of $38,000. b. Dividend income of $6,000, an ordinary loss of $31,000, a suspended loss of $17,000, and a taxable distribution of $15,000. c. Dividend income of $6,000, a nontaxable distribution of $15,000, an ordinary loss of $16,000, and a suspended loss of $32,000. d. Dividend income of $6,000, an ordinary loss of $48,000 and a nontaxable distribution of $15,000. e. Dividend income of $6,000, an ordinary loss of $48,000 and a taxable distribution of $15,000. 36. Robert and Frank are partners in the Quick Freeze partnership, owning respectively 60 percent and 40 percent of the partnership's capital and profits. At the beginning of the year, their bases in their partnership interests were $18,000 and $12,000. During the year, the partnership had the following items of income: partnership ordinary income, $30,000; long-term capital gains, $10,000; and tax-exempt income from municipal bond interest, $5,000. Robert withdrew $8,000 and Frank withdrew $12,000. Their respective bases at the end of the year are: a. Robert: $45,000; and Frank: $30,000. b. Robert: $42,000; and Frank: $28,000. c. Robert: $37,000; and Frank: $18,000. d. Robert: $34,000; and Frank: $16,000. e. Robert: $33,000; and Frank: $22,000. 37. On January 2, 2016, Ralph contributed a plot of land to the Tom and Ralph Partnership. Ralph's adjusted basis for this land was $50,000, and its fair market value was $75,000. Under the partnership agreement, Ralph's capital account was credited with the full fair market value of the land. Tom matched Ralp's contribution with a $75,000 cash contribution to the partnership. Thus, each partner's capital account was credited with $75,000. Tom and Ralph share profits and losses equally. What is the adjusted basis of the partnership in the property it received from Ralph? a. $25,000 b. $37,500 c. $50,000 d. $75,000 38. On December 20, 2014, Jim Cash, one of two partners, contributed inventory with a basis to him of $15,000 and a fair market value of $10,000 to the partnership of which he was a member. His capital account was credited with $10,000. The property, which was a capital asset in the hands of the partnership, was sold on December 1, 2015 for $12,000. As a result of this sale, what is amount and the character of any gain or loss allocable to Jim? a. $1,000 gain b. $1,500 loss c. $2,000 gain d. $3,000 loss e. None of the above 39. On December 22, 2015, Jim Cash, one of two partners, contributed inventory with a basis to him of $15,000 and a fair market value of $30,000 to the partnership of which he was a member. His capital account was credited with $30,000. The property, which was a capital asset in the hands of the partnership, was sold on January 2, 2016 for $18,000. As a result of this sale, what is the amount and character of any gain or loss allocable to Jim? a. $15,000 capital gain b. $1,500 capital gain c. $3,000 ordinary income d. None of the above 40. On December 22, 2008, Jim Cash, one of two partners, contributed capital assets he held for investment with a basis to him of $15,000 and a fair market value of $10,000 to the partnership of which he was a member. His capital account was credited with $10,000. The property, which was inventory in the hands of the partnership, was sold on January 2, 2016 for $18,000. As a result of this sale, what is the character and amount of any gain or loss to be allocated to Jim? a. $1,000 gain b. $4,500 ordinary income c. $2,000 gain d. $3,000 loss e. None of the above