Which of the following is (are) correct about the holding period of the property acquired by a partnership as a contribution to the contributing partner's capital account?

1. The holding period begins on the date the partner's holding period of the contributed asset began

2. The holding period depends on the character of the property transferred

3. The holding period excludes the period during which the property was held by the contributing partner

a) I and II

b) II and III

c) I only

d) None of the above