When Property Is Contributed to a Partnership in Exchange for a Capital

question 80

Multiple Choice

When property is contributed to a partnership in exchange for a capital and profits interest, when does the partner's holding period begin for the partnership interest?

• A) The day after the contribution date.
• B) The day the property was contributed.
• C) The day the contributed property was purchased.
• D) The day the partnership interest was acquired.
• E) Either (or both) c. and d. may be true, depending upon the types of property contributed.