Generally, a Distribution of Property Does Not Result in Gain

question 122

True/False

Generally, a distribution of property does not result in gain to a partner on either a current or liquidating distribution. A situation where a gain may arise, however, is when a partner contributed appreciated property to the partnership and that property is distributed back to the contributing partner within seven years of the contribution.

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Definitions:

Eagle Forum

A conservative interest group in the United States, founded by Phyllis Schlafly in 1972, focusing on social issues.

ERA

Equal Rights Amendment, a proposed amendment to the United States Constitution aimed at guaranteeing equal legal rights for all American citizens, regardless of sex.

White Evangelicals

A demographic group within the United States characterized by their evangelical Christian faith and predominantly white racial identity.

Voted

The act of making a choice or decision in an election or referendum as part of a democratic process.