1. When property is contributed to a partnership in exchange for a capital and profits interest, when does the partners holding period begin for the partnership interest?

   	a.	The day after the contribution date.
   	b.	The day the property was contributed.
   	c.	The day the contributed property was purchased.
   	d.	The day the partnership interest was acquired.
   	e.	Either (or both) c. and d. may be true, depending upon the types of property contributed.