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:

Genetic Component

The portion of variation in a trait within a population that is attributable to genetic differences among individuals.

Concordance Rates

The statistical measure used in genetics to indicate the likelihood that both individuals in a pair (typically twins) will exhibit the same trait or disorder.

Identical Twins

Twins who develop from a single fertilized egg that splits into two, sharing 100% of their DNA.

Fraternal Twins

Fraternal twins are siblings born at the same time as a result of two different eggs fertilized by two different sperm, sharing about 50% of their genes.