If a Personal-Use Asset Is Contributed to a Partnership for Business

question 32

True/False

If a personal-use asset is contributed to a partnership for business use,the partnership's basis in the asset is always the FMV of the asset.

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Definitions:

Toddler

A child who walks with short, uncertain steps. Toddlerhood lasts from about 12 months to 30 months of age, thereby bridging infancy and early childhood.

Slope

The measure of the steepness or incline of a line, often calculated as the ratio of the vertical change to the horizontal change.

Voluntary Reaching

The intentional movement towards an object with the aim of grasping or touching it, a milestone in motor development.

Visual-Motor Coordination

The ability to coordinate visual perception with body movements, important in tasks ranging from writing to playing sports.