Mike Contributed Property to the MDB Partnership in 2009

True/False

Mike contributed property to the MDB Partnership in 2009.At the time of the contribution,the basis in the property was $30,000 and its value was $55,000.In 2012,MDB distributed that property to partner Dana.Because distributions from a partnership to a partner are generally nontaxable,neither Mike nor Dana should recognize any gain on the distribution.