All of the Following Statements Are True with Regard to the Formation

question 55

Multiple Choice

All of the following statements are true with regard to the formation of a partnership except:

• A)The partnership's basis in the transferred property carries over from the transferor partners.
• B)With regard to capital assets and 1231 assets,the partnership's holding period for the transferred property includes the contributing partner's holding period.
• C)The nonrecognition rules apply to both property and services contributed to a partnership.
• D)A transfer of property in exchange for a partnership interest causes nonrecognition of gain or loss treatment.

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Definitions:

Phenothiazines

A class of antipsychotic drugs used to treat mental disorders such as schizophrenia, by altering the balance of neurotransmitters in the brain.

Attention Deficit Hyperactivity Disorder

A neurodevelopmental disorder characterized by patterns of inattention, hyperactivity, and impulsivity that interfere with functioning or development.

Ritalin

A stimulant drug commonly prescribed to treat Attention Deficit Hyperactivity Disorder (ADHD) and certain sleep disorders, characterized by improving attention and decreasing impulsiveness and hyperactivity.

Psychological Disorders

Psychological disorders are health conditions characterized by alterations in thinking, mood, or behavior associated with distress or impaired functioning.