Multiple Choice
A partnership will take a carryover basis in an asset it acquires when:
A) The partnership acquires the asset through a § 1031 like-kind exchange.
B) A partner owning 25% of partnership capital and profits sells the asset to the partnership.
C) The partnership leases the asset from a partner on a one-year lease.
D) The partnership acquires the asset from a partner as a contribution to partnership capital under § 721(a) .
Correct Answer:
Verified
Correct Answer:
Verified
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