How do you determine the partnership year end

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Reference no: EM132164175

Question: Structuring the Partnership Agreement:

You were asked to form a partnership with your best friends, Holly and Jim. You will each be contributing property to the partnership. The building that you contributed has mortgage debt. How do you determine the partnership basis and holding period for the partners? How do you determine the partnership's year end?

Reference no: EM132164175

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