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madam [21]
3 years ago
12

Billy contributes equipment used in a trade or business that he has held for more than 1 year to a partnership in exchange for a

partnership interest. What is Billy's holding period immediately after the transfer and one year plus one day later?
Business
1 answer:
mrs_skeptik [129]3 years ago
4 0

Answer:

The answer is that long-term immediately and long-term after the year

Explanation:

The holding period of the partnership interest tacks on the previous holding period of 1231 property contributed.

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