If a Capital Asset Acquired August 5, 2015 Is Sold

question 13

True/False

If a capital asset acquired August 5, 2015 is sold on February 6, 2016, any gain is a short-term capital gain.

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Definitions:

Partnership Assets

Resources owned jointly by partners in a partnership arrangement, used in the operation of the partnership business.

Cash Distribution

The payment of earnings or capital to shareholders, stakeholders, or partners by a corporation or fund.

Noncash Assets

Assets that cannot be quickly converted into cash, such as real estate, equipment, and inventory.

Liabilities

Financial obligations or debts owed by a business to external parties or individuals.