The gain or loss on an asset purchased on March 31,2012,and sold on March 31,2013,is classified as short-term.

Name: The gain or loss on an asset purchased on March 31,2012,and sold on March 31,2013,is classified as short-term.
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A transaction is considered short-term if the asset was held for one year or less, as in this case where the asset was purchased on March 31, 2012, and sold on March 31, 2013, within the same year. Therefore, any gain or loss from this transaction is classified as short-term.

The Gain or Loss on an Asset Purchased on March