Which of the following statements is true when property is, Ask an Expert

Accounting

Which of the following statements is true when property is contributed in exchange for a partnership interest?

A. The partnership's inside basis is typically increased by any gain the partner recognizes from the property contribution.

B. Services are not allowed to be contributed to a partnership in return for a partnership interest.

C. The holding period for a partner's partnership interest depends on the type of assets a partner contributes.

D. Any contributed property in a partnership has a carryover basis, and the character of the property is determined by the way the contributing partner used the property.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M961985

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