37- Gotti Partnership was formed on January 2, 2007. Guido became a partner on January 2, 2018 contributing cash for his partnership interest. On November 15, 2018, Guido received a non-liquidating distribution of a parcel of land purchased by the partnership on February 15, 2014. Guido sells the land on December 30, 2018. His holding period for the land begins on Select one:

a. January 2, 2007

b. February 15, 2014

c. January 2, 2018

d. November 15, 2018

38- What is the correct order for determining the tax basis of property received by a partner from a partnership in an operating distribution?

Select one:

a. Reduce basis by cash and marketable securities received first, then allocate basis to unrealized receivables and inventory, then allocate basis to other property received. b. Reduce basis by cash and marketable securities received first, then allocate remaining basis to other property received. c.Reduce basis by cash and marketable securities received first, then allocate basis to unrealized receivables.

d. Reduce basis by cash first, then allocate remaining basis to capital assets.