David Transferred Land Having a $150,000 FMV and a $45,000

question 68

Multiple Choice

David transferred land having a $150,000 FMV and a $45,000 adjusted basis,which is subject to a $110,000 mortgage in exchange for a one-third interest in the DSF Partnership.David had purchased the land in 2010.The partnership owes no other liabilities.David,Austin,and Alison share profits and losses equally and each has a one-third interest in partnership capital.The partnership's holding period for the land transferred by partner David commences in

• A)2010.
• B)2011.
• C)2012.
• D)The holding period is the same number of years that the partnership has been in existence.

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