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safezone safezone
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7 years ago
Identify which of the following statements is true.
A) The contribution of Sec. 1245 property to a partnership triggers recognition of ordinary income by the contributor at the time of the transfer.
B) A partner may not recognize ordinary income when receiving a capital and profits interest in a partnership in exchange for services.
C) When a partnership interest is given to a partner in exchange for services, the partnership can deduct or capitalize the FMV of the services, depending on the nature of the services.
D) All of the above are false.
Textbook 
Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts


Edition: 27th
Authors:
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That's not philosophy, it's geometry
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strwbrrystrwbrry
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Every man, wherever he goes, is encompassed by a cloud of comforting convictions, which move with him like flies on a summer day.
   --Bertrand Russell, 1950

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safezone Author
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7 years ago
Good timing, thanks!
lipop
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Yesterday
You make an excellent tutor!
DaiwalkerX
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2 hours ago
Thanks
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