Which of the following statements regarding capital and profit interests received for services contributed to a partnership is true? Multiple Choice

a) Partners receiving only profits interests generally recognize capital gain when the profits interest is received.

b) Partners receiving capital interests must recognize the liquidation value of their capital interests as capital gain.

c) Partners receiving only profits interests generally recognize ordinary income when the profits interest is received.

d) The holding period of a capital or profits interest begins on the date the interest is received.