All of the Following Statements Are True with Regard to the Formation

question 1365

Multiple Choice

All of the following statements are true with regard to the formation of a partnership except

• A) with regard to capital assets and 1231 assets, the partnership's holding period for the transferred property includes the contributing partner's holding period.
• B) a transfer of property in exchange for a partnership interest causes nonrecognition of gain or loss treatment.
• C) the partnership's basis in the transferred property carries over from the transferor partners.
• D) the nonrecognition rules apply to both property and services contributed to a partnership.

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