A Partnership Always Takes a Carryover Basis in Property Received

question 52

True/False

A partnership always takes a carryover basis in property received from a partner in exchange for an equity interest in the partnership.

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Definitions:

Power Distance

The extent to which less powerful members of organizations and institutions accept and expect that power is distributed unequally.

Individualism

A social theory favoring freedom of action for individuals over collective or state control.

Collectivism

A cultural orientation where people prioritize the goals and interests of the group over individual achievement.

Exporting

The process of sending goods or services produced in one country to another country for sale or trade.