Which of the following statements is false?

A. IRC1231 gives taxpayers the best of both worlds because it requires all sales of 1231 assets to be "netted." If the result is a net loss, the taxpayer deducts an ordinary loss; if the netted 1231 transactions result in a net gain, the taxpayer reports capital gain.

B. In determining whether 1231 applies or whether capital gain is long-term, the taxpayer must determine the holding period of the asset sold.

C. Generally the holding period of property begins on the day following the day the property is acquired and includes the day the property is sold.

D. In some cases when property is acquired by means other than purchase, the holding period does not necessarliy begin on the date the property is acquired; instead the holding period of exchanged property may be "tacked on" to the holding period of the newly acquired property.

E. ALL of the above statements are true.