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7 June, 23:13

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?

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  1. 7 June, 23:43
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    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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