Which of the following statements about built$-$in gains or losses are true? PICK ALL THAT APPLY!

Question $5$ options:

A built$-$in gain or loss is the difference between the value assigned by the partnership at contribution and the contributing partner's tax basis in the property

A built$-$in gain or loss is the difference between the sales price received by a partnership on the sale of a contributed asset and the contributing partner's tax basis in the property

Upon sale of contributed property, built$-$in gains are allocated to partners according to their partnership profit shares under the partnership agreement

Upon sale of contributed property, any gain up to built$-$in gain must be allocated to the contributing partner.