Question: Rania contributed equipment worth $ 2 8 5 , 0 0 0 , purchased 6 months ago for $ 2 9 4 , 0 0

Rania contributed equipment worth $

285, 000,

purchased

6

months ago for $

294, 000

cash and used in her sole proprietorship, to Sand Creek LLC in exchange for a

30

percent profits and capital interest in the LLC

.

Rania agreed to guarantee all $

14, 500

of Sand Creek's accounts payable, but she did not guarantee any portion of the $

142, 500

nonrecourse mortgage securing Sand Creek's office building. Other than the accounts payable and mortgage, Sand Creek does not have any liabilities to other creditors.

.

What is Sand Creek's holding period in the contributed property?

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