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:

Mentor

An experienced and trusted advisor who provides guidance, support, and advice to less experienced individuals.

Unilaterally Assigned

Tasks or responsibilities given to an employee or a group by management without their input or agreement.

On-The-Job Training

On-the-job training refers to hands-on training provided to employees at the workplace while they are performing their actual job tasks, allowing them to learn by doing.

Principal Shortcoming

The main or most significant deficiency or weakness in a system, plan, or individual.