Which of the Following Statements Is True When Property Is

Multiple Choice

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) 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.
C) The holding period for a partner's partnership interest depends upon the type of assets a partner contributes.
D) Services are not allowed to be contributed to a partnership in return for a partnership interest.
E) All of the choices are true.