When a Partner's Basis in His Partnership Interest Is Less

question 33

True/False

When a partner's basis in his partnership interest is less than the partnership's basis in a distributed asset, the partner's basis in his partnership interest is allocated among the assets according to their relative fair market values.

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Definitions:

Geometric Figures

Shapes or forms that are defined in mathematics and geometry, such as circles, squares, and triangles.

Human Properties

Characteristics or attributes that are inherent or typically associated with humans, such as cognitive abilities or emotions.

Analysis of Variance

A statistical method used to compare the means of three or more samples to understand if at least one differs significantly from the others.

Covariation Model

Kelley’s theory of causal attribution – people assign the cause of behaviour to the factor that covaries most closely with the behaviour.