Lucas is a 25% partner in the LCS Partnership. On January 1, LCS distributes $40,000 cash and land with a $32,000 fair value (inside basis $16,000). LCS has no liabilities at the date of the distribution. Lucas’ basis in LCS is $32,000. What is the amount and character of Lucas’ gain or loss on the liquidating distribution?

net worth is the difference between what you own and what you have. if you exceed your liabilities you have a positive net worth. if your liabilities are greater than your assets you have a negative net worth. its a snapshot of your financial situation. if you calculate your net worth you will see the end result of everything you've earned and spent as of now. net worth statements and all you asked of can you determine where you are, how to get where you want to be, if your spending   to much. honestly it can tell you a lot of things. i can go on, but you can paint the picture from here.

explanation:

answer; foreign exchange transaction;