In 2018, Somer, Mike, and Paul form Lancer Corporation.  Som…

In 2018, Somer, Mike, and Paul form Lancer Corporation.  Somer contributes land having a $80,000 FMV in exchange for 40 shares of Lancer stock.  She purchased the land in 2012 for $60,000.  Mike contributes machinery having a $45,000 adjusted basis and a $30,000 FMV in exchange for 30 shares of Lancer stock.  Mike purchased the machinery in 2017.  Paul contributes services worth $20,000 in exchange for 20 shares of Lancer stock.  Answer the following 12 questions below. 6. When does Mike’s holding period begin for the acquired stock?