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Mateo bought machinery on December 4, 2014. On June 4, 2015, he traded this machinery for other machinery in a nontaxable exchange. On December 6, 2015, Mateo sold the machinery he got in the exchange. His holding period for this machinery began on which date?i. December 4, 2014ii. December 5, 2014iii. June 4, 2015iv. June 5, 2015

Sagot :

Parrain

Answer: ii. December 5, 2014

Explanation:

The Holding period for assets begins a day after the sale and ends on the day the asset is sold.

Mateo bought this asset on December 4, 2014 which means that his holding period began a day later, on the 5th of December 2014 and ended on December 6, 2015.

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