Question

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?

Answer 1

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

Step-by-step explanation:

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