Ana contributed land purchased four years ago and previously used in her sole proprietorship to...
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Accounting
Ana contributed land purchased four years ago and previously used in her sole proprietorship to Elm, a general partnership. The land had an adjusted basis of $ to Ana and a fair value of $ In exchange for her contribution, Ana received a percent capital and profits interest in Elm. The partnership has a $ mortgage nonrecourse debt securing its warehouse, but otherwise has no debt.
question of What is Ana's holding period in her partnership interest, and what is Elm's holding period in the contributed land?
Partnership interestfour years; landfour years
Partnership interestone day begins when the interest is acquired; landone day begins when the interest is acquired when the interest is acquired
partnership interestone day begirs when w iandfo the interest is acquired; landfour years
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