Brooke and john formed a partnership. brooke received a 40% interest in partnership capital and profits in exchange for contributing land (basis of $30,000 and fair market value of $120,000). john received a 60% interest in partnership capital and profits in exchange for contributing $180,000 of cash. three years after the contribution date, the land contributed by brooke is sold by the partnership to a third party for $150,000. how much taxable gain will brooke recognize from the sale?

answer; /// blank(1); above; blank(2); less;

the answer is "b.the increased supply will create a surplus. "

the essential thought behind price controls is straightforward - utilize the power of law to modify the equilibrium of a market. for instance, the legislature may choose that the steel business needs to survive, and in this way pass a law to set a value floor on steel. this implies all steel sold must offer at or over the floor value, which must be set over the equilibrium cost for it to have any impact. the switch could likewise happen - the administration can choose that steel is excessively costly and set a value roof underneath its equilibrium value, with the goal that all steel must be sold at or beneath that ceiling.