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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
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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?

User Jire
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Answer:

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.

User Noah Gary
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