Mary inherits an interest in Laser Partnership from her Aunt Lillian during 2017 . The fair market value of the interest as of the primary valuation date is $28,000 . Aunt Lillian's adjusted basis was $16,000 . What is Mary's initial basis and holding period in the partnership interest if she sells the interest seven months after inheriting it?
a. $16,000, short-term.
b. $16,000, long-term.
c. $28,000, short-term.
d. $28,000, long-term.
e. Both depend on whether it is sold at a gain or a loss.
d
Business
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