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True or false: A partner contributes property used in a trade or business that it...

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Accounting

True or false: A partner contributes property used in a trade or business that it held for 13 months, to a partnership in return for a partnership interest. The property was sold by the partnership within two weeks of receiving it from the contributing partner. The contributing partner will realize a short-term capital gain/loss upon the flow-through of income from the partnership.

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