116. Presumption as to property purchased with partnership funds.

Unless the contrary intention appears, property bought with money belonging to the firm is deemed to have been bought on account of the firm1. The mere fact that the business is conducted on property belonging to one partner does not necessarily make it partnership property2. If, however, the property has been purchased out of partnership assets and held as part of the partnership stock, it is immaterial that it has not actually been used for carrying on the partnership business upon it or by means of it