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MMLU-Pro / 5124 / Strom acquired a 25% interest in Ace Partnership by contributing land having an…

Problem

Answer published by the source. Consult the official source to check your work against its answer.

question

Strom acquired a 25% interest in Ace Partnership by contributing land having an adjusted basis of 16,000andafairmarketvalueof16,000 and a fair market value of 50,000. The land was subject to a $24,000 mortgage, which was assumed by Ace. No other liabilities existed at the time of the contribution. What was Strom's basis in Ace?
Plain-text mathematical notation (without MathML)
Strom acquired a 25% interest in Ace Partnership by contributing land having an adjusted basis of 16,000andafairmarketvalueof50,000. The land was subject to a $24,000 mortgage, which was assumed by Ace. No other liabilities existed at the time of the contribution. What was Strom's basis in Ace?
Original LaTeX notation
Strom acquired a 25% interest in Ace Partnership by contributing land having an adjusted basis of $16,000 and a fair market value of $50,000. The land was subject to a $24,000 mortgage, which was assumed by Ace. No other liabilities existed at the time of the contribution. What was Strom's basis in Ace?

category

other

options

  1. $24,000
  2. $40,000
  3. $32,000
  4. $50,000
  5. $42,000
  6. $26,000
  7. $0
  8. $36,000
  9. $16,000
  10. $22,000

src

ori_mmlu-professional_accounting

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Source and history

upstream_id / Original problem ID
5124
task_id
369feb4f-a3c1-5c1d-a4ef-d37907e1736f
task_key
default--test--5124
task_revision_id
1
config / split
default / test

Official source

initial import