Question: When a partnership receives depreciable property contributed by a partner in an IRC section 721 transfer, for tax purposes the partnership: Group of answer choices

When a partnership receives depreciable property contributed by a partner in an IRC section 721 transfer, for tax purposes the partnership: Group of answer choices Must use the contributing partner's depreciation method and remaining life Must use a new depreciable tax life Can elect to use the carryover life and method or elect a new life and method

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