Examlex
Your client, Greg, contributed precontribution gain property to BIG LLC on December 31, 2019, in exchange for a
30% interest.
a. Describe two types of distributions that might result in some or all of this precontribution gain being recognized by Greg.
b. In general terms, what is the purpose of these rules?
Contingencies of Power
Factors that affect the ability of one party to influence another, including conditions of dependency, substitutability, and centrality.
Authority
The power or right to give orders, make decisions, and enforce obedience.
Influence
The capacity or power of one party to affect the beliefs, behaviors, or development of others through direct or indirect means.
Non-substitutability
The characteristic of being unable to be replaced or substituted by an alternative without a loss of value or functionality.
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