Question: Complete the IRC Code Section with the proper answer: Section 721 of the Internal Revenue Code - Nonrecognition of gain or loss on contribution (a)

Complete the IRC Code Section with the proper answer:

Section 721 of the Internal Revenue Code - Nonrecognition of gain or loss on contribution (a) General Rule:

Group of answer choices

A. Gain and loss shall be recognized to a partnership but not to its partners in the case of a contribution of property to the partnership in exchange for an interest in the partnership.

B. No gain or loss shall be recognized to a partnership or to any of its partners in the case of a contribution of property to the partnership in exchange for an interest in the partnership as long as an 80% control requirement is met on the day of the contribution.

C. Gain or loss shall be recognized to a partnership or to any of its partners in the case of a contribution of property to the partnership in exchange for an interest in the partnership.

D. No gain or loss shall be recognized to a partnership or to any of its partners in the case of a contribution of property to the partnership in exchange for an interest in the partnership.

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