A$.$

When a partnership interest is given to a partner in exchange for$$ services, the partnership can deduct or capitalize the FMV of the$$ services, depending on the nature of the services.

B$.$

The contribution of Sec. $1245$ property to a partnership triggers recognition of ordinary income by the contributor at the time of the transfer.

C$.$

A partner may not recognize ordinary income when receiving a capital and profits interest in a partnership in exchange for services.

D$.$

All of the above are false.