What is a partnership interest, and what specific tax implications are there for the different types of partnership interest? Your response should be a minimum of 100 words.

The partner is not required to enter the partnership with a cash contribution. The partner may buy into the partnership by using property or another tangible asset. Explain the tax implications for the contributing partner when using any type of tangible asset other than cash to enter the partnership. Your response should be a minimum of 100 words.

How do partners who purchase a partnership interest determine the tax basis and holding period of their partnership interests? Your response should be a minimum of 100 words.