Section 721 Provides That No Gain or Loss Is Recognized

question 71

True/False

Section 721 provides that no gain or loss is recognized on a contribution of property to a partnership in exchange for an interest in the partnership. An exception might apply if the taxpayer receives a cash distribution from the partnership soon after the property contribution is made.

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Definitions:

Union Density

The ratio of the number of union members to the number of potential members, indicating the strength of union representation.

Global Society

An interconnected society facilitated by the globalization process, where information, goods, and services move more freely across national boundaries.

Public Sentiment

The general mood or opinion of the population or a specific group of people about particular issues, events, or subjects.

Cross-Cultural Training

Education or training programs designed to prepare individuals to interact effectively with people from different cultural backgrounds.