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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 $50,000 to Ana and a fair value of $30,000. In exchange for her contribution, Ana received a 10 percent capital and profits interest in Elm. The partnership has a $60,000 mortgage (nonrecourse debt) securing its warehouse, but otherwise has no debt.
10
[question 2 of 2] What is Ana's holding period in her partnership interest, and what is Elm's holding period in the contributed land?
Partnership interest-four years; land-four years
Partnership interest-one day (begins when the interest is acquired); land-one day (begins when the interest is acquired) when the interest is acquired
partnership interest-one day (begirs when w iand-fo the interest is acquired); land-four years
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