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

Customer Question
begin on (Points: 6)...
(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: 7 years ago.Category: Tax
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Answered in 7 minutes by:
8/1/2010
Tax Professional: JKCPA, CPA replied 7 years ago
JKCPA
JKCPA, CPA
Category: Tax
Satisfied Customers: 5,884
Experience: CPA with tax experience.
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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!

JKCPA
JKCPA, CPA
Category: Tax
Satisfied Customers: 5,884
Experience: CPA with tax experience.
Verified
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