If a personal-use asset is contributed to a partnership for business use, the partnership s basis in the asset is always: $0. the FMV of the asset at the date of contribution. the basis of the asset at the date of contribution. the lesser of the asset's FMV or basis at the date of contribution. Section 179 expense is reported as a(an): ordinary deduction to a partnership. separately stated item. both as an ordinary deduction and as a separately stated item. capital loss to the partnership. The general rule regarding income and expense items of a partnership and their classification is all income and expense items of a partnership: are treated as ordinary income/expense items. that may be treated differently at the partner level must be "separately stated." are treated as separately stated items. are treated as capital income or losses