If a Partnership Incorporates, It Is Always Deemed to First

question 126

True/False

If a partnership incorporates, it is always deemed to first distribute all of its assets and liabilities to the partners in complete liquidation. Then the partners are deemed to contribute those assets to the new corporation (with the corporation assuming the related liabilities) in a transaction that qualifies under § 351.

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Definitions:

Hemoglobin

A red protein responsible for transporting oxygen in the blood of vertebrates.

Waste Product

A material that is not needed and is discarded after a manufacturing process or metabolic activity.

Carbon Dioxide

A colorless, odorless gas (CO2) produced by burning carbon and organic compounds and by respiration, absorbed by plants in photosynthesis.

Hemoglobin

A protein found in red blood cells responsible for transporting oxygen from the lungs to the rest of the body and returning carbon dioxide back to the lungs.