If property received as a gift has a basis of the fair market value of the property on the date of the gift,the donee's holding period starts on the day after the date of the gift.

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This is true according to the IRS. When property is received as a gift, the recipient's basis generally is the same as the donor's basis (i.e. what the donor originally paid for the property), unless the fair market value of the property on the date of the gift is lower, in which case the recipient's basis is the fair market value on the date of the gift. In either case, the recipient's holding period starts on the day after the date of the gift.

If Property Received as a Gift Has a Basis of the Fair