If a Partner Contributes Depreciable Property to a Partnership in Exchange

question 68

True/False

If a partner contributes depreciable property to a partnership in exchange for a partnership interest,the depreciation recapture potential of the contributed assets does not carry over to the partnership.

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Definitions:

Tarsal Glands

Sebaceous glands located on the eyelids, responsible for secreting oil that contributes to the tear film.

Oily Substance

Any material with a greasy or slippery consistency, often produced by the sebaceous glands of the skin.

Tears

A secretion from the lacrimal glands used to lubricate the eyes, cleanse them from irritants, and provide antibacterial protection.

Optic Nerve

A paired nerve that transmits visual information from the retina to the brain.