Zelda Partnership holds cash of $30,000 and inventory worth $60,000 (basis equals $42,000). Zelda makes a $30,000 cash liquidating distribution to Link, a one-third partner with an outside basis of $24,000. How much gain or loss, if any, does Link recognize

6,000 ordinary gain

Explanation:

The computation of gain or loss is shown below:-

Given that

Worth of an inventory = $60,000

Basic inventory = $42,000

Now if we divide this two by each other so the percentage would be

= $60,000 ÷ $42,000 i.e to be greater than the 120% and it is said that the one third would be considered of $18,000

The $18,000 come from

= $42,000 - $24,000

= $18,000

Now its one third is $6,000 and the same is to be treated as ordinary gain

g

explanation:

g

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.