If a capital asset acquired on October 27, 2002 is sold on April 30, 2014 for a gain, the gain is a long-term capital gain.

Name: If a capital asset acquired on October 27, 2002 is sold on April 30, 2014 for a gain, the gain is a long-term capital gain.
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To qualify for long-term capital gains treatment, an asset must be held for more than one year. In this scenario, the asset was held for over 11 years, so any gain realized from the sale would be considered a long-term capital gain.

If a Capital Asset Acquired on October 27, 2002 Is