Basis question

Collapse
X
 
  • Time
  • Show
Clear All
new posts
  • dhawkcpa
    Member
    • May 2008
    • 57

    #1

    Basis question

    Three guys own a farm in a partnership. The plan is to transfer the farm to them individually as tenants in common an then one of them buys out the other two. One accountant is worried that the holding period starts with the transfer and that the sales would be short term. It seems to me that the holding period should include the time in partnership but I can't find it in writing. Any thoughts. Thanks.
  • Gretel
    Senior Member
    • Jun 2005
    • 4008

    #2


    see link above. You are correct, the holding period includes the holding period of the partnership.

    Comment

    Working...