Which of the following statements is true when property is contributed in exchange for a partnership interest?

Multiple Choice

1- Any contributed property in a partnership has a carryover basis, and the character of the property is determined by the way the contributing partner used the property.

2-The partnership's inside basis is typically increased by any gain the partner recognizes from the property contribution.

3- The holding period for a partner's partnership interest depends upon the type of assets a partner contributes.

4- Services are not allowed to be contributed to a partnership in return for a partnership interest.

5- All of these choices are true.