When two or more people decide to run a business together, they often form a partnership. But what happens when you toss your old truck, some inventory, or even just your skills into the pot — and later, when the business hands cash or property back to you? This chapter is about those two key events: putting property in and taking property out. We will see that the tax code often pauses the recognition of gains or losses at these moments, but that pause comes with careful basis adjustments and a few tricky rules — especially when debt enters the picture.