When Property Is Contributed to a Partnership,the Partnership's Basis in the Property

question 44

True/False

When property is contributed to a partnership,the partnership's basis in the property is the same as that of the transferor partner even if gain is recognized on the transfer.

---

Definitions:

Accompanying Map

A map that is provided along with other materials or data to offer spatial context or additional information.

Convergent Plate Boundary

A region where two tectonic plates are moving toward each other, often resulting in one plate subducting beneath the other and leading to geological phenomena such as earthquakes and mountain building.

Plate Boundaries

The edges where two or more of Earth's tectonic plates meet, often resulting in geological activity such as earthquakes and volcanism.

Divergent Boundary

A tectonic plate boundary where two plates are moving away from each other, often resulting in the creation of new oceanic crust.