1. Which of the following statements about partnerships is true?

   	a.	The partnership's basis in property contributed by a partner is equal to the fair market value of the property on the date of the transfer.
   	b.	Gain is never recognized by a partner on a contribution of property to a partnership.
   	c.	Partnerships must file their tax returns on a calendar year basis.
   	d.	A partner's initial basis in a partnership interest is equal to the basis of the property transferred (plus cash contributed) to the partnership, adjusted for any gain recognized on the transfer and reduced for liabilities assumed by the other partners.
   	e.	No gain or loss is ever recognized in transactions between partners and a partnership.