The first day a capital asset, acquired on August 31, 2014, may be sold for long-term capital gain or loss treatment is September 1, 2015.

Question

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According to the IRS rules, a capital asset must be held for more than one year in order to qualify for long-term capital gain or loss treatment. Therefore, if the asset was acquired on August 31, 2014, it must be held until at least September 1, 2015 to qualify for long-term capital gain or loss treatment.

The First Day a Capital Asset, Acquired on August 31