Question: QUESTION 4 5 If property contributed to a partnership was capital asset in the hands of the partner but is inventory in the hands of

QUESTION

45

If property contributed to a partnership was capital asset in the hands of the partner but is inventory in the hands of the partnership, how is gain or loss characterized if sold within five years?A

.

All gain is capitalB. All gain is exemptC. All gain is ordinaryD. Gain is tax

-

deferredE. None of these

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