An Individual Taxpayer Received a Valuable Painting from His Uncle

question 104

True/False

An individual taxpayer received a valuable painting from his uncle, a famous painter. The painter created the painting. After the taxpayer held the painting for two years, he sold it for a $400,000 gain. The gain is a long-term capital gain.

---

Definitions:

Telecommunications Technologies

The various technologies used to transmit information over distances, such as telephones, internet, radio, and television.

Electronic Information

Information or data that is stored, processed, and transmitted through electronic means.

Telenutrition

The practice of delivering nutrition counseling and advice through electronic means, such as over the internet or via telephone, allowing for remote dietary guidance.

Telehealth

The use of digital information and communication technologies, such as computers and mobile devices, to access health care services remotely and manage health care.