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