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Question Content Area On November 10, 2020 Jen contributes land with a basis and FMV of $60,000 to partnership XYZ LLC in exchange for partership

Question Content Area On November 10, 2020 Jen contributes land with a basis and FMV of $60,000 to partnership XYZ LLC in exchange for partership interest. Jen purchased the Land on July 18, 2013. XYZ LLC sells the land on December 15,2020 for $72,000. XYZ will recognize a short term capital gain of $12,000. Answer: True False

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