O Purchased a 20% Interest in the OOPS Partnership for $20,000

question 16

Multiple Choice

O purchased a 20% interest in the OOPS partnership for $20,000 on January 1, 2012.He purchased another 10% interest in OOPS for $10,000 on December 1, 2012.As of January 1, 2013, what is O's holding period in his partnership interest?

• A)One year
• B)One month
• C)One year for 50% of his interest and one month for 50% of his interest
• D)One year for 67% of his interest and one month for 33% of his interest

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Definitions:

Q

Generally denotes quantity in economic and mathematical models, referring to the amount of goods or services.

School of Thought

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A significant decline in economic activity spread across the economy, lasting more than a few months, typically visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.

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The rate at which money circulates in the economy, typically measured as the ratio of GDP to the national money supply.