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Holding periods

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Cassie owns a Rembrandt painting she acquired on June 1, 2009 as an investment. She exchanges the painting on September 5, 2011, for a Picasso sculpture and marketable securities to be held as an investment. On what date does the sculpture's holding period begin?

A. June 1, 2009

B. June 2, 2009

C. September 5, 2011

D. September 6, 2011

Reference no: EM1358775

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