Ten years ago, latesha acquired a one-third interest in dana associates, a partnership, for $26,000 cash. this year, latesha's entire interest in the partnership is liquidated when her basis is $24,000. dana's assets consist of the following: cash, $20,000; inventory with a basis of $46,000 and an fmv of $40,000. dana has no liabilities. latesha receives the cash of $20,000 in liquidation of her entire interest. what is latesha's recognized loss on the liquidation of her interest in dana? a. y b $4,000 short-term capital loss and $2,000 ordinary loss b. $4,000 long-term capital loss c. $4,000 long-term capital loss and $2,000 ordinary lossd. $0.

The new york times (nov. 30, 1993) reported that “the inability of opec to agree last week to cut production has sent the oil market into turmoil . . [leading to] the lowest price for domestic crude oil since june 1990.” why were the members of opec trying to agree to cut production? so they could save more oil for future consumption so they could lower the price so they could raise the price why do you suppose opec was unable to agree on cutting production? because each country has a different production capacity because each country experiences different production costs because each country has an incentive to cheat on any agreement the newspaper also noted opec’s view “that producing nations outside the organization, like norway and britain, should do their share and cut production.” what does the phrase “do their share” suggest about opec’s desired relationship with norway and britain? opec would like norway and britain to keep their production levels high. opec would like norway and britain to act competitively. opec would like norway and britain to join the cartel.