[Mars2010]

In becker R4 P.5

The partnership’s basis in the contributed property is the contributor’s basis, or carryover

basis (plus any gain recognized by the incoming partner, if a special election is made).

I don’t understand what is “special election”?

Gain recognized by incoming partner is added or not?

Any idea? thanks.

[Igotthis]

In the Wiley book it says the partnership generally does not have a gain or loss when getting the contribution. It only gets the contributor's basis. I don't see any special elections.

[Igotthis]

In the Wiley book it says the partnership generally does not have a gain or loss when getting the contribution. It only gets the contributor's basis. I don't see any special elections.

[Author]

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