When Property Is Contributed to a Partnership,the Partnership's Basis in the Property

question 44

True/False

When property is contributed to a partnership,the partnership's basis in the property is the same as that of the transferor partner even if gain is recognized on the transfer.

---

Definitions:

Basal Metabolic Rate

The number of calories required to keep your body functioning at rest, representing the minimum amount of energy needed for essential physiological functions.

Set Point

The point at which your “weight thermostat” may be set. When your body falls below this weight, increased hunger and a lowered metabolic rate may combine to restore lost weight.

Ghrelin Levels

The concentration of ghrelin, a hormone that stimulates hunger, produced mainly by the stomach.

PYY Levels

PYY levels refer to the concentration of peptide YY, a hormone involved in hunger regulation and appetite suppression.