Section 721 Provides That No Gain or Loss Is Recognized

question 71

True/False

Section 721 provides that no gain or loss is recognized on a contribution of property to a partnership in exchange for an interest in the partnership. An exception might apply if the taxpayer receives a cash distribution from the partnership soon after the property contribution is made.

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Definitions:

Cultural

Pertaining to the ideas, customs, and behaviors of a society or community, shared through various forms of communication and interactions.

Nondemand Pleasuring

A sexual practice emphasizing the giving and receiving of pleasure without the pressure of performance or goal-orientation.

Squeeze Technique

A method used to treat premature ejaculation that involves squeezing the penis to reduce erection through pressure on either side of the shaft just before ejaculation.

Sensate Focus

A technique used in sex therapy that involves partners taking turns touching each other to enhance mutual intimacy and understanding, focusing on the sense of touch.