If a capital asset acquired on October 27, 2008 is sold on April 30, 2016 for a gain, the gain is a long-term capital gain.

Question

Quizplus · Accepted Answer

A capital asset held for more than one year (12 months plus one day) qualifies for a long-term capital gain. In this scenario, the asset was held for more than 7 years, therefore, any gain realized from the sale of this asset on April 30, 2016, would be considered a long-term capital gain.

If a Capital Asset Acquired on October 27, 2008 Is