To the Extent of Built-In Gain or Built-In Loss at the Time

question 38

True/False

To the extent of built-in gain or built-in loss at the time of contribution, partnerships may choose to allocate or not allocate this built-in gain or loss to the contributing partner on the sale of the contributed property by the partnership.

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Definitions:

Exophthalmos

A medical condition where the eyes bulge outwards excessively, usually due to an overactive thyroid gland.

Ptosis

Abnormal condition of one or both upper eyelids in which the eyelid droops; caused by weakness of the levator muscle or paralysis of the third cranial nerve.

Lithotomy

A medical position in which the patient lies on their back with legs elevated and spread apart, commonly used for gynecological and other medical procedures.

Vaginal Discharge

Fluid or mucus that is expelled from the vagina, which can be a normal physiological response or an indication of infection or other health conditions.