The Basis of a Partnership Interest Is Equal to the Sum

question 139

True/False

The basis of a partnership interest is equal to the sum of money contributed plus the FMV of the property transferred to the partnership.

---

Definitions:

Bipolar Disorder

A brain disorder manifesting as pronounced mood oscillations, including highs of mania or hypomania and lows of depression.

Depression

A psychological disorder marked by ongoing emotions of despair, desolation, and an absence of enthusiasm or joy in life activities.

Rumination

The process of continuously thinking about the same thoughts, often negative, which can interfere with solving problems or lead to psychological distress.

Learned Helplessness

A psychological condition in which a person believes they have no control over the outcomes in their life, leading to passivity and depression.