Page 4 of 6 C. At Risk Amount - Passive Activity Loss- Tax Basis d. At Risk Amount-Tax Basis - Passive Activity Loss e. None of the above 21. Marina contributed property with a $75,000 basis and FMV of $110,000 to the MM nership in exchange for a 30% interest in partnership capital and profits. During the first year of Part partnership operations, MM had day of the partnership interest at year-end is: net taxable income of $60,000 and tax-exempt income of $120,000 rship distributed $50,000 cash to Marina. Her share of partnership recourse liabilities on the last year was $30,000. Marina's adjusted basis (her outside basis) for her partnership a. $86,000. b. $4,000 $34,000. d.) $22,000. e. None of the above. 22. Sam andJack formed a partnership. Sam, received 9% interest in partnership capital and profits in exchange for contributing land with a basis of $80,000 and FMV of $210,000. Jack received a 50% interest in partnership capital and profits in exchange for contributing S21000 of cash. Three years after the contribution date, the land contributed by Sam is sold by partnership to a third party for $280,000. How much taxable gain will Sam recognize from the sale? A. $130,000 B. $165,000 C.$200,000 D. $75,000 None of the above 23. Sarah received a proportionate nonliquidating distribution from Orange Partnership. The distribution consisted of $20,000 cash and property with an adjusted basis to the partnership of $80,000 and FMV of $120,000. Immediately before the distributio n, Sarah's adjusted basis for her partnership terest is $65,000. Sarah's basis in the noncash property received is: A)$55,000 $80,000 C. $45,000 D. $100,000 E. None of the above