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If a Partner has been in the Investment Club for less than 365 days and the Partnership sells a stock that has long term capital gain status, does the "new" Parnter still get to place the long term gain on their K1? I know for certain (otherwise I am in deep trouble understanding this stuff) that the "old" Partners don't have to claim all of that gain since the "new" Partner does own some of the stock once they join.

The short/long term nature of the gain is based on how long the club owned the shares, not the length of time the member was in the club. In this regard, it's the same as a capital gains distribution from a mutual fund.

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