To the Extent of Built-In Gain or Built-In Loss at the Time

question 38

True/False

To the extent of built-in gain or built-in loss at the time of contribution, partnerships may choose to allocate or not allocate this built-in gain or loss to the contributing partner on the sale of the contributed property by the partnership.

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Definitions:

Dreamers

Young undocumented immigrants who were brought to the United States as children, often associated with the DREAM Act.

Undocumented Immigrants

Individuals residing in a country without legal authorization or documentation, often seeking employment or refuge.

New Federalism

A political philosophy that seeks to transfer certain powers from the federal government back to the states, emphasizing a decentralization of authority.

Devolution

The delegation of powers from a central government to regional or local authorities.