Which of the following statements about partnerships is true?

Group of answer choices

Partnerships must file their tax returns on a calendar year basis.

No gain or loss is ever recognized in transactions between partners and a partnership.

Gain is never recognized by a partner on a contribution of property to a partnership.

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.

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.