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John contributed a piece of equipment to XYZ partnership. Six months later, the partnership transferred an automobile to John. What is John required to do
John contributed a piece of equipment to XYZ partnership. Six months later, the partnership transferred an automobile to John. What is John required to do because of these transactions?
a) John must file Form 8275, a disclosure statement, with his tax return.
b) John has no requirements relative to these transactions.
c) John must provide a statement to the partnership.
d) John is not required to do anything out of the ordinary.
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