Albert Contributes a Sec

question 2

Multiple Choice

Albert contributes a Sec. 1231 asset to a partnership on June 1 of this year in exchange for a 10% partnership interest. He had purchased the asset on March 1, 2002. His holding period for the partnership interest begins

• A)March 1, 2002.
• B)March 2, 2002.
• C)June 1 of the current year.
• D)June 2 of the current year.

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Definitions:

Evidentiary Exclusion

A legal principle that prohibits certain types of evidence from being presented or considered in court.

Individual Racism

Discrimination or prejudice against people of different races based on personal beliefs or attitudes.

National Rehabilitation Act

U.S. legislation aimed at providing a wide range of services for persons with physical, cognitive, sensory, or emotional disabilities.

Equal Education

The principle or goal of providing all individuals with the same quality of education opportunities, irrespective of their background or circumstances.