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:

Lemons

A term used in economics to refer to products of significantly lower quality that cannot be easily distinguished from higher quality products before purchase.

Original Owners

The initial owners of an asset, property, or enterprise before any transfers of ownership.

Rustbucket

A term often used to describe an old, deteriorating vehicle or machinery that is in poor condition and possibly nearing the end of its useful life.

Used Cars

Pre-owned vehicles that have previously had one or more retail owners, available for purchase in the secondary market.