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    Income tax: Contribution of Property

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    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.

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    Solution Preview

    Your answer is True
    Reason: distribution of precontribution gain property ...

    Solution Summary

    The contribution of property is analyzed. The recognized gain is determined true or false.