On June 1 of the current year, Patti contributes equipment with a $45,300 basis and a $36,000 FMV in exchange for a partnership interest. She purchased the equipment five years ago.

a. What is Patti's basis in her partnership interest?

b. What is Patti's holding period of her partnership interest?

a. Basis in partnership interest $ 45,300 b. Holding period of partnership interest yearsC. Basis of equipment d. Holding period of equipment years