The Holding Period of Property Acquired by Gift May Begin

question 130

Multiple Choice

The holding period of property acquired by gift may begin on:

• A) The date the property was acquired by the donor only.
• B) The date of gift only.
• C) Either the date the property was acquired by the donor or the date of gift.
• D) The last day of the tax year in which the property was originally acquired by the donor.
• E) None of the above.

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Definitions:

Entrepreneurship

The process of initiating a business or businesses, facing financial dangers with the expectation of profit.

Serial Entrepreneur

A person who repeatedly starts new businesses, moving from one venture to another, and often leveraging the experiences and capital from previous successes.

Benefit Corporation (B-Corp)

A type of legal structure for a business that aims to generate profit while also focusing on positive impacts for society, workers, the community, and the environment.

Family Enterprising

The involvement of family members in developing and managing business ventures or entrepreneurial activities.