On June 10,2016,Akira receives a gift of a rare marble statue with a fair market value of $9,000.The marble statue had an adjusted basis of $12,000 to the donor and was purchased in 2015.Akira sells the marble statue July 5,2017,for $8,000.When does Akira's holding period for the rare marble statue begin?
A) It begins in 2015.
B) It begins in 2017.
C) It is irrelevant because the transfer was a gift and gifts are always considered to be held long-term.
D) It depends on whether a gift tax was paid at the time of the gift.
E) It begins in 2016.
Correct Answer:
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