Which of the Following Statements Is True When Property Is

question 65

Multiple Choice

Which of the following statements is True when property is contributed in exchange for a partnership interest?

• A) Any contributed property in a partnership has a carryover basis, and the character of the property is determined by the way the contributing partner used the property.
• B) The partnership's inside basis is typically increased by any gain the partner recognizes from the property contribution.
• C) The holding period for a partner's partnership interest depends upon the type of assets a partner contributes.
• D) Services are not allowed to be contributed to a partnership in return for a partnership interest.
• E) All of the choices are True.

---

Definitions:

Superordinate Goal

An objective shared by individuals or groups that requires their cooperation to achieve, often used to reduce conflict between competing parties.

Climate Change

Long-term alterations in temperature, precipitation, and weather patterns, largely attributed to human activities, especially the emission of greenhouse gases.

Terror Management

A theoretical concept that explores how humans deal with the fear of their own mortality, often by seeking self-esteem and adhering to cultural values.

Social Dominance

A theoretical concept in social psychology that explains how societies maintain hierarchies and group-based social hierarchies through mechanisms of dominance and oppression.