When Property Is Contributed to a Partnership for a Capital

question 143

Multiple Choice

When property is contributed to a partnership for a capital and profits interest, the holding period of the contributing partner's interest:

• A)Always starts the day after the contribution date.
• B)Always starts the day the property was contributed.
• C)May include the holding period of the contributed property.
• D)Never includes the holding period of the contributed property.
• E)None of the above.

---

Definitions:

Student Loan

A type of loan designed to help students pay for post-secondary education and the associated fees, such as tuition, books, and living expenses.

Quasi-Contract

An obligation imposed by law to prevent unjust enrichment, even though no actual contract exists between the parties involved.

Necessaries

Goods and services deemed essential for an individual's subsistence and welfare, especially in the context of legal responsibility and contracts.

Incapacity

The inability to comprehend or manage one's own affairs due to mental deficiency or a similar condition.