Mario Contributes Inventory to a Partnership on August 1 of This

question 59

Multiple Choice

Mario contributes inventory to a partnership on August 1 of this year in exchange for a 20% partnership interest. Mario had purchased the inventory on July 2 of last year. His holding period for the partnership interest begins

• A)July 2 of last year.
• B)July 3 of last year.
• C)August 1 of the current year.
• D)August 2 of the current year.

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