Which of the following statements is (are) correct about the partnership’s holding period of property acquired from a partner as a contribution to capital?

I. The holding period begins on the date the partner’s holding period of the contributed asset began

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

III. 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