The gain or loss on an asset purchased on March 31,2014,and sold on March 31,2015,is classified as short-term.

Name: The gain or loss on an asset purchased on March 31,2014,and sold on March 31,2015,is classified as short-term.
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A gain or loss on an asset sold within one year of its purchase is classified as short-term. Since the asset in this scenario was sold within a year of its purchase, any gain or loss would be classified as short-term.

The Gain or Loss on an Asset Purchased on March