A taxpayer is a 50% owner of a new partnership and contributed the following property:
Property descriptionPurchase priceDepreciationFair market valueHolding periodDelivery Van
$12,000
$1,000
$10,000
2 years
Copier
$ 4,000
$2,000
$ 1,000
6 months
What is the holding period of the property for the newly formed partnership?
A.
The holding period for the delivery van and the copier begins on the transfer date.
B.
The holding period for the delivery van and the copier carry over from the contributing partner.
C.
The holding period for the delivery van begins on the transfer date, and the holding period for the copier carries over from the contributing partner.
D.
The holding period for the delivery van carries over from the contributing partner, and the holding period begins on the transfer date for the copier.