or loss on a subsequent sale by Mariana. Mariana’s holding period begins with the date the stock was acquired by Zola. c. Gabriel acquires land for $75,000 on February 5, 2012. He transfers the land by gift to Gilmore on July 31, 2015 when the land is worth $50,000. Gilmore sells the land on August 31, 2015 for $48,000. Gilmore's holding period for the land begins on: July 31, 2015. The holding period begins on the date of the gift if Gilmore sells the land for a loss. The value of the land on the date of the gift is used in the determination of his basis for loss. If he sells the land for $48,000 on August 31, 2015, Gilmore has a $2,000 ($48,000 - $50,000) recognized capital loss and the holding period is from July 31, 2015, to August 31, 2015 (thus, the loss is short-term).Olivia wants to buy some vacant land for investment purposes. She cannot afford the full purchase price. Instead, Olivia pays the landowner $8,000 to obtain an option to buy the land for $175,000 anytime in the next four years.At the time the option is purchased, the option is a capital asset for Olivia.Fourteen months after purchasing the option, Olivia sells the option for $10,000. She has a long-term capital gain of $2000 .