An individual taxpayer received a valuable antique vase from his aunt,a famous collector.The collector purchased the vase.After the taxpayer held the vase for two years,he sold it for a $400,000 gain.The gain is a long-term capital gain.

Question

Quizplus · Accepted Answer

Since the taxpayer held the vase for a period of two years, the gain will be considered as a long-term capital gain.

An Individual Taxpayer Received a Valuable Antique Vase from His