The gain or loss on an asset purchased on March 31,2018,and sold on March 31,2019,is classified as short-term.

Name: The gain or loss on an asset purchased on March 31,2018,and sold on March 31,2019,is classified as short-term.
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According to IRS rules, if an asset is held for one year or less, it is classified as short-term. In this case, the asset was held for one year (from March 31, 2018, to March 31, 2019), so any gain or loss will be classified as short-term.

The Gain or Loss on an Asset Purchased on March