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Question - Bonnie and Clyde Corporations have filed consolidated returns for several calendar years. Bonnie acquires land for $75,000 on January 1 of last year. On August 1 of this year, Bonnie sells the land to Clyde for $100,000. The basis and holding period for the land acquired by Clyde are:
A) Basis Holding Period Begins On
$75,000 January 2 of last year
B) Basis Holding Period Begins On
$100,000 January 2 of last year
C) Basis Holding Period Begins On
$100,000 August 2 of this year
D) none of the above
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