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Property belonging exclusively to a partner but used for the firm's business:
AIs always firm property
BAutomatically becomes firm property
CBecomes firm property after one year
DDoes not become firm property unless there is an agreement/intention to treat it as such
Answer & Solution
Correct answer: D. Does not become firm property unless there is an agreement/intention to treat it as such
Mere use of a partner's property for the firm does not make it firm property; it becomes so only if the partners intend or agree to treat it as partnership property.
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