When a partner invests noncash assets in a partnership the assets should be recorded at their

A) book value.
B) carrying value.
C) fair value.
D) original cost.

Noncash assets invested in a partnership should be recorded at their fair value, which is the amount that the asset could be sold for in an arm's length transaction between willing parties. This is because the noncash asset is being used to determine the partner's initial investment in the partnership, and thus the fair value of the asset reflects its true value in the current market. Choice A (book value) and D (original cost) do not reflect the current market value of the asset, and choice B (carrying value) may not represent the fair value of the asset due to potential adjustments or other factors.