When a new partner is admitted to an existing partnership, whether by contributing cash, property, or expertise, an adjustment of the accounts of the partnership to current value should be made (if necessary). Any such adjustment should be made to the capital accounts of

the existing partners (only) in their income/loss sharing ratio.

the existing partners (only) in the ratio of their beginning-of-period capital accounts.

the existing partners AND the new partner in their income/loss sharing ratio.

the existing partners AND the new partner in the ratio of their beginning-of-period capital accounts.