Mike Contributed Property to the MDB Partnership in 2008

question 6

True/False

Mike contributed property to the MDB Partnership in 2008. At the time of the contribution, the basis in the property was $30,000 and its value was $55,000. In 2011, MDB distributed that property to partner Dana. Because distributions from a partnership to a partner are generally nontaxable, neither Mike nor Dana should recognize any gain on the distribution.

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