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A partnership is formed by two individuals who transfer in assets fromtheir separate sole proprietorships. Due to the application of the partnershipprovisions, the partners will
A partnership is formed by two individuals who transfer in assets fromtheir separate sole proprietorships. Due to the application of the partnershipprovisions, the partners will defer their gains and losses on the exchange, andthe partnership will carryover the partners' adjusted bases in the transferredassets. The partnership will use these transferred bases for all accountingpurposes.
A) True
B) False
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