Question 1
If property received as a gift has a basis of the fair market value of the property on the date of the gift, the donee's holding period starts on the day after the date of the gift.
◦ true
◦ false
Question 2
The gain or loss on an asset purchased on March 31, 2015, and sold on March 31, 2016, is classified as short-term.
◦ true
◦ false