If a Partnership Asset with a Deferred Precontribution Gain Is

question 84

True/False

If a partnership asset with a deferred precontribution gain is distributed within seven years of acquisition in a nonliquidating distribution to a partner who did not contribute the asset, the precontribution gain must be recognized by the contributing partner.

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Definitions:

Sensitivity

The quality or condition of being sensitive; the ability to perceive or feel emotions and sensations or respond to external stimuli.

Adolescence

The transitional stage of physical and psychological development that generally occurs during the period from puberty to legal adulthood.

Preschool Age

The period in a child's life before they are old enough to attend kindergarten, typically between ages 3 and 5.

Rough-And-Tumble

Play that involves physical activities such as running, chasing, and play-fighting, typically among children.