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JKCPA
JKCPA, CPA
Category: Tax
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Experience:  CPA with tax experience.
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(TCO 6) The holding period of property acquired by gift may

Resolved Question:

(TCO 6) The holding period of property acquired by gift may begin on

(Points: 6)
The date the property was acquired by the donor only
The date of gift only
Either the date the property was acquired by the donor or the date of gift
The date six months after the date of gift
The third and fourth answers are both correct.
Submitted: 6 years ago.
Category: Tax
Expert:  JKCPA replied 6 years ago.

Hello,

Thanks for your question.

 

The answer is Either the date the property was acquired by the donor or the date of gift.

 

The holding period associated with a gain includes the holding period of the donor. The holding period associated with the loss begins on the date of the gift.

 

Hope this helps!

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