Milton contributed property to the MDB Partnership in 2006. At the time of the contribution, the basis in the property was $10,000 and its value was $15,000. In 2008, MDB distributed that property to partner Dana. Milton may be required to recognize gain on the distribution to Dana.© BrainMass Inc. brainmass.com June 3, 2020, 10:21 pm ad1c9bdddf
Your answer is True
Reason: distribution of precontribution gain property ...
The contribution of property is analyzed. The recognized gain is determined true or false.