Incorporation of a partnership

A partnership was created as a result of gifted commercial properties by parents to children. The partnership was created with a view to incorporate after 3 years. The properties were brought into the partnership at the market value at time of gift and the corresponding credit was in the partners' capital accounts. Now the client wants to incorporate and my question is whether the partners' capital accounts which merely represent the market value of the properties at time of gift, have to be transferred to the company. The main assets of the partnership are the properties and the associated loans. Your input would be much appreciated. MD