Precontribution Gain lllll Precontribution gain definition Contributed property W/FMV> tax basis on date transferred to partnership Gain recognized by contributing partner w/in seven years if Distribution of contributed property to any OTHER partner Distributions W/ FM> partner's basis6 Precontribution Gain Precontribution gain definition –Contributed property w/FMV > tax basis on date transferred to partnership Gain recognized by contributing partner w/in seven years if –Distribution of contributed property to any OTHER partner –Distributions w/ FMV > partner’s basis