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When property is contributed to a partnership for a capital and profits interest, the holding period of the contributing partner's interest: (Select the best answer and describe your answer)

a. May include the holding period of the contributed property.

b. Always starts the day after the contribution date.

c. Always starts the day the property was contributed.

d. Never includes the holding period of the contributed property.

e. None of the above.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M947683

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