DO NOT explain just give the answers ASPA

1- Contribution of an installment obligation is considered a disposition of the note resulting in immediate gain or loss recognition.

Select one:

True

False

2- No income is required to be recognized by the service provider partner on the receipt of a capital interest in a partnership in exchange for such services.

True

False

3- In order to defer the recognition of gain, property must be transferred to the partnership in exchange for an interest in such partnership.

Select one:

True

False

4-A partner's basis book capital account is referred to as his "outside basis"

Select one:

True

False

5- The transferring partner(s) must be in control of the partnership immediately after the exchange to defer the recognition of gain on the transfer of property to such partnership.

Select one:

True

False

6- A contributing partner's initial tax basis in the partnership interest is equal to the fair market value of the property contributed.

Select one:

True

False

7- A partner gets tax basis in his partnership interest for the full face amount of his promissory note contributed to the partnership at the time of contribution.

Select one:

True

False

8- The partnership's holding period in contributed property includes the contributing partner's holding period.

Select one:

True

False

9- Capital accounts reflect the partners' economic investment in a partnership.

Select one:

True

False

10- IRC 721(b) prevents the tax-free diversification of appreciated securities

Select one:

True

False