Parker bought a brand new Ferrari on January 1, 2017, for $125,000. Parker was fatally injured in an auto accident on June 23, 2017, when the fair market value of the car was $105,000. Parker was driving a loaner car from the Ferrari dealership while his car was being serviced. In his will, Parker left the Ferrari to his best friend, Ryan. Ryan's holding period for the Ferrari begins on January 1, 2017.

Question

Quizplus · Accepted Answer

Ryan's holding period for the Ferrari begins on the date of Parker's death, June 23, 2017, not on the date Parker originally acquired the car.

Parker Bought a Brand New Ferrari on January 1, 2017