Mark Contributed Property to the MDB Partnership in 2012

question 86

True/False

Mark contributed property to the MDB Partnership in 2012. At the time of the contribution, the basis in the property was $40,000 and its value was $50,000. In 2016, MDB distributed that property to partner Dara. Because this is a distribution of precontribution gain property, MBD (the partnership) may be required to recognize a gain that is allocated to all of the partners.

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Definitions:

Anal Stage

The second stage of psychosexual development, when gratification is attained through anal activities.

Melancholic

Relating to or suffering from melancholy, a profound state of sadness or depression.

Phlegmatic

Referring to a temperament characterized by a calm, unemotional, and unexcitable nature.

Hippocrates

An ancient Greek physician often regarded as the father of medicine, known for his contributions to the understanding of disease and medicine.