If a capital asset acquired on October 27, 2007 is sold on April 30, 2015 for a gain, the gain is a long-term capital gain.

Name: If a capital asset acquired on October 27, 2007 is sold on April 30, 2015 for a gain, the gain is a long-term capital gain.
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Quizplus · Accepted Answer

To qualify as a long-term capital gain, the asset must have been held for more than one year before being sold. In this case, the asset was held for more than seven years before being sold, so the gain is definitely a long-term capital gain.

If a Capital Asset Acquired on October 27, 2007 Is