A has been a partner in the ABC Partnership for only four months.During the current year, the partnership sold investment land that it purchased six years ago and recognized a $100,000 gain.A's distributive share of this gain is long-term capital gain.

Question

Quizplus · Accepted Answer

A's distributive share of the gain from the sale of investment land would be considered long-term capital gain since the partnership held the land for more than one year.

A Has Been a Partner in the ABC Partnership for Only