1. John owns a three-fourths interest in the Carter Corporation. His basis in this ownership interest is $35,000 at the end of the year, after accounting for the fiscal year corporation’s current operations. On that date, the corporation distributes $40,000 cash to John in a proportionate current distribution. What is the amount of any gain or loss John recognizes as a result of this distribution? What is his basis in the corporation interest?
2. Information about a magazine’s readers is of interest to both the publisher and the magazine’s advertisers. A survey of readers asked respondents to complete the following:
a. Age
b. Gender
c. Marital status
d. Number of magazine subscriptions
e. Annual income
f. Rate the quality of our magazine: excellent, good, fair, or poor For each item identify the resulting data type.
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