Under the Internal Revenue Code, the holding period for property acquired by inheritance is always:
A)Long term.
B)Short term.
C)Determined by the date acquired by the individual who died.
D)Determined by the date of death.

Question

Quizplus · Accepted Answer

Property acquired by inheritance is considered to have a long-term holding period regardless of how long the decedent or the heir held the property.

Under the Internal Revenue Code, the Holding Period for Property