If a Capital Asset Acquired on October 27, 2008 Is

question 18

True/False

If a capital asset acquired on October 27, 2008 is sold on April 30, 2016 for a gain, the gain is a long-term capital gain.

---

Definitions:

Creative Destruction

A process where new innovations lead to the demise of older technologies or businesses, driving economic growth and progress.

Internet

A global network of interconnected computer networks that enables users to share information and communicate over vast distances.

Travel Agencies

Businesses that specialize in planning and booking travel accommodations and experiences for individuals and groups.

Creative Destruction

A concept in economics where new innovations destroy old industries and methods, leading to economic growth.