When property is contributed to a partnership in exchange for a capital and profits interest, when does the partner's holding period begin for the partnership interest?

Well here's what I can tell you,

The day the contributed property was purchased.
The day the partnership interest was acquired.

Either one of these are true which also means they are both true.

A

Explanation:

Based on the scenario being described within the question it can be said that the statement that is true about these groups is that competitive rivalry between Virgin Atlantic and JetBlue is likely to be higher than that between American and Southwest airlines. Mainly due to the fact that companies using the same systems and strategies will always have a greater competition as opposed to those using different strategies.