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31) 31) Ariel receives from her partnership a nonliquidating distribution of $9.000 cash plus a parcel of land. The partnership had purchased the land five years ago for $20,000, but it is worth $28,000 at the time of the distribution. Ariel's predistribution basis is $17,000. How much income will Ariel recognize due to the distribution, and what is her basis in the land? A) Income recognized Basis In land B) Income recognized Basis in land $20,000 128,000 $8,000 C) Income recognized Basis In land $12,000 $20,000 D) Income recognized Basis in land $20,000 32) 32) The partnership will make all of the elections affecting the computation of partnership income Ilsted below except A) the amortization method for organizational expenditures B) the election of deduction or credit for foreign income taxes. C) the depreciation methods. D) the optional basis adjustments under Sec. 754. 33) 33) Jamahl has a 65% interest in a partnership. Jamahl sells land to the JK partnership for $70,000 Prior to the sale, the land had a FMV of $70,000 and an adjusted basis of $90,000 to Jamahl. Two years later, the partnership sells the land for $123,000. Due to the sale, the partnership will recognize A) a loss of $20,000. B) a loss of $53,000 C) a gain of $33,000 D) a gain of $13,000 34) 34) Vertical equity means that A) all taxpayers should pay the same tax. B) taxpayers with larger amounts of income should pay more tax than taxpayers with lower amounts of income. C) taxpayers with the same amount of income should pay the same amount of tax. D) None of the above. 35) 35) Which of the following is not one of Adam Smith's canons of taxation? A) convenience B) certainty C) equity D) economic stimulation 36) 36) The term "tax law" includes A) Judicial decisions. C) Internal Revenue Code B) Treasury Regulations. D) All of the above. 37) 37) Evan and Barbara incurred qualified adoption expenses in 2020 or $6,000, and then incurred $9,000 more in 2021 when the adoption of their child became final. Their 2020 AGI was $110,000 and their 2021 AGI was $100,000. The allowable adoption credit is A) $15,000 in 2021. B) $6,000 in 2020 and 58,440 in 2021. C) $6,000 in 2020 and $9,000 in 2021. D) $14,440 In 2021. 38) 38) Layla earned $20,000 of general business credits from her sole proprietorship. Her regular tax Ilability is S45,000, and her tentative minimum iax is $49,000. During the current year Layla will apply general business credits of A) $45,000 B) $4,000 C) $0. D) $20,000