Question: IRC Section 721 provides that, in general, no gain or loss is recognized by the partnership or the partner on the contribution of appreciated or

IRC Section 721 provides that, in general, no gain or loss is recognized by the partnership or the partner on the contribution of appreciated or depreciated property to a partnership in exchange for an interest in the partnership as long as the contributing partner(s) own at least 80 of the partnership.

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True

False

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