Steve and Carol are discussing the tax treatment of a new client in the IES Land Partnership. Which of the following statements regarding capital and profits interests received for services contributed to a partnership is false? The holding period of a capital or profits interest begins on the date the interest is received. Partners receiving only profits interests include their share of partnership debt in the tax basis of their partnership interest. Partners receiving only profits interests generally don't recognize income when the profits interest is received. Partners receiving capital interests must recognize the liquidation value of their capital interests as capital gain