If a capital asset acquired on October 27,2009 is sold on April 30,2017 for a gain,the gain is a long-term capital gain.

Question

Quizplus · Accepted Answer

To qualify as a long-term capital gain, the asset must have been held for more than one year. In this case, the asset was held for over 7 years, satisfying the one-year holding period requirement. Therefore, any gain from the sale would be considered a long-term capital gain.

If a Capital Asset Acquired on October 27,2009 Is Sold