Answer the following questions: a. How are the nonrecognition rules for contributions of property to a partnership

Question:

Answer the following questions:

a. How are the nonrecognition rules for contributions of property to a partnership by a partner similar to those for contributions of property to a corporation by a share holder?

b. How, if at all, do the nonrecognition rules differ?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...