What is pattis holding period of her partnership interest, Accounting Basics

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What is pattis holding period of her partnership interest

Solve the below problem:

Q: On June 1 of the current year, Patti contributes equipment with a $45,000 basis and a $35,000 FMV in exchange for a partnership interest. She purchased the equipment three hat is years ago.

a. What is Pattis basis in her partnership interest?

b. What is Pattis holding period of her partnership interest?

c. What is the basis of the equipment in the hands of the partnership?

d. What is the holding period of the equipment in the hands of the partnership?

e. How will the partnership depreciate the equipment in the year of contribution?

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Accounting Basics: What is pattis holding period of her partnership interest

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