In January, Year 6, Joan Hill bought one share of Orban Corp. stock for $300. On March 1, Year 6, Orban distributed one share of preferred stock for each share of common stock held. This distribution was nontaxable. On March 1, Year 6, Joan's one share of common stock had a fair market value of $450, while the preferred stock had a fair market value of $150. The holding period for the preferred stock starts in January, Year 6. O March, Year 6. O September, Year 6. O December, Year 6.