Duncan has land that he purchased 5 years ago and equipment that he purchased this month. He contributes both to the DoNut Partnership in exchange for a partnership interest. What is DoNut's holding period for each asset? Multiple choice question. Long-term for both the land and equipment; the longer holding period takes precedent for all assets contributed. Short-term for both the land and the equipment; the holding period starts over at the date of contribution. Long-term for the land and short-term for the equipment; the holding period for both assets carries over from the partner