The Transfer of Property to a Partnership in Exchange for a Partnership

question 106

True/False

The transfer of property to a partnership in exchange for a partnership interest will generally be a nontaxable event.

---

Definitions:

Rugae

Folds, such as those in the lining of the stomach.

Gastric Juices

are a mixture of mucus, hydrochloric acid, and digestive enzymes produced by the stomach lining to digest food.

Stomach

Muscular region of the vertebrate digestive tract, extending from the esophagus to the small intestine.

Suspension Feeders

Organisms that feed by filtering suspended matter and food particles from water, often found in aquatic environments.