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On October 21 of the current year, David receives stock of Western Corporation as a gift from his grandfather, who acquired the stock on January
On October 21 of the current year, David receives stock of Western Corporation as a gift from his grandfather, who acquired the stock on January 20,1995. Under what conditions would David's holding period start on? a. October 22 of the current year? b. January 20,1995 ? a. October 22 of the current year? A. October 22 of the current year cannot be used as the holding period start date because it can only be the date of the gift. B. David's holding period starts on October 22 of the current year if he uses the FMV at the date of the gift to determine his basis. C. David's holding period starts on October 22 of the current year if he agrees to hold the stock for more than 1 year. D. David's holding period starts on October 22 of the current year if he agrees to hold the stock for less than 1 year
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