The term "step-into-the-shoes" means that the partnership starts a new depreciation period for any depreciable asset contributed to the partnership.
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Q6: A partner's share of recourse liabilities increases
Q7: Ordinary income from a partnership is not
Q8: Nondeductible partnership items do not decrease a
Q9: If Jake contributes land to a partnership
Q10: If Casey's partnership basis is only $100,000
Q12: When a partner is released of a
Q13: All income/gain and expense/loss items affect a
Q14: Ordinary income includes interest income and dividend
Q15: Typically,a partner does not recognize a gain
Q16: If a personal-use asset is contributed to
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