True/False
Mark contributed property to the MDB Partnership in 2010. At the time of the contribution, the basis in the property was $40,000 and its value was $50,000. In 2014, MDB distributed that property to partner Dara. Because this is a distribution of precontribution gain property, MBD (the partnership) may be required to recognize a gain that is allocated to all of the partners.
Correct Answer:
Verified
Correct Answer:
Verified
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