If a Personal-Use Asset Is Contributed to a Partnership for Business

question 34

Multiple Choice

If a personal-use asset is contributed to a partnership for business use,the partnership's basis in the asset is always:

• A)$0.
• B)The FMV of the asset at the date of contribution.
• C)The basis of the asset at the date of contribution.
• D)The lesser of the asset's FMV or basis at the date of contribution.

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