Which of the following listed below are true if used to complete the sentence below? PICK ALL THAT APPLY!! If property contributed to a partnership is sold by the partnership after contribution The gain is always ordinary income if the contributed property consisted of unrealized receivables The gain (at least up to the built-in gain) is ordinary income if the contributed property was inventory in the hands of the contributing partner and the property is sold within 5 years of contribution The loss (at least up to the built-in loss) is capital loss if the contributed property was a capital asset in the hands of the contributing partner, even if it is not a capital asset to the partnership, and the property is sold within 5 years of contribution The gain (at least up to the built-in gain) is capital gain if the contributed property was a capital asset in the hands of the contributing partner, even if it is not a capital asset to the partnership, and the property is sold within 5 years of contribution Which of the following listed below are true regarding tangible property contributed by a partner to a partnership? PICK ALL THAT APPLY! the partnership takes a tax adjusted basis equal to the fair market value at the time of contribution the partnership takes the same tax adjusted basis that the contributing partner had in the property unless the property's book valu to the partnership is less than the contributing partner's basis the partnership takes a new useful life for purposes of depreciation of the asset. the partnership takes the remaining useful life (original useful life less amount used by partner prior to contribution) in the depreciable asset the partner continues to use the depreciation method used by the contributing partner