Mark Contributed Property to the MDB Partnership in 2010

question 100

True/False

Mark contributed property to the MDB Partnership in 2010. At the time of the contribution, the basis in the property was $40,000 and its value was $50,000. In 2014, MDB distributed that property to partner Dara. Because this is a distribution of precontribution gain property, MBD (the partnership) may be required to recognize a gain that is allocated to all of the partners.

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Definitions:

Mende

An ethnic group from Sierra Leone, West Africa, known for their rich cultural traditions, farming practices, and as one of the larger ethnic groups in the country.

Female Circumcision

A practice involving the partial or total removal of the external female genitalia, often performed as a cultural, religious, or social rite of passage in some societies.

Necromancy

A form of magic or sorcery that claims to communicate with the dead, often to predict the future or discover hidden knowledge.

Dead

The state of having ceased all biological functions that sustain a living organism; no longer alive.