(b) the taxpayer’s basis [in the assets].
- LONG-TERM CAPITAL GAIN OR LOSS
- a capital gain/loss from the sale/exchange of capital assets that have been held for the required holding period (typically, one year – for the taxable years since 1977)
- SHORT-TERM CAPITAL GAIN OR LOSS
- a gain/loss from the sale/exchange of capital assets that have been held for a period shorter than the required holding period
