1. For 2009, Romeo and Juliet elected to file a joint return. In January 2009, Clair, who is juliet's mother, gave Juliet a cash gift of $300,000. Assuming the gift tax exclusion for 2009 is $13,000, what

amount of $300,000 can Juliet giave to Romeo without incurring a gift tax liability?

2. Gene had a $44,000 basis for his interest in Luv Partnership before the complete liquidation on December 31,2009. Gene received a liquidating distribution consisting of $12,000 in cash and inventory with a basis of $11,000 to the partnership and a fair market value $20,000. In connection with the liquidating distribution, what amount of gain or loss should Gene recognize?

3. Felice had a $150,000 basis for the interest in Rome Partnership before the liquidation. On March ,4,2009, Felice received a liquidating distribution consisting of the following

 Cash $ 70,000

Inventorh 75,000(fair market value) 35,000(basis to Rome)

Land 1,500(fair market value) 700 (Basis to Rome)

What is Felice's basis in the distributed land?

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