Final answer:
The holding period for property acquired by gift is not automatically long term. It is determined by the original owner's holding period.
Step-by-step explanation:
The correct answer is False. The holding period for property acquired by gift is not automatically long term. The holding period for property acquired by gift is determined by the original owner's holding period. If the original owner held the property for more than one year, then the recipient also has a long-term holding period. However, if the original owner held the property for one year or less, then the recipient has a short-term holding period.