Question: Yes or No: A partner contributes a promissory note to the partnership in exchange for his partnership interest. The partner will not make payments to

Yes or No: A partner contributes a promissory note to the partnership in exchange for his partnership interest. The partner will not make payments to the partnership until some point in the future. Should the partner receive "basis" in the partnership for the promissory note even though payments to the partnership will be made at some point in the future?

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