If a partner sells/transfers property they own to a partnership of which they are a member Multiple Choice the partner would realize neither a capital gain nor a capital loss on the transfer, as the partnership is not like a corporation. any capital gains or losses to the partner would be deferred until the partnership sells the property. the sale would be deemed to occur at the fair market value (FMV) of the property. the partner would report a capital gain or loss, based on the partnership interest not held by her, as this is the portion they have effectively sold.