When cost basis is at FMV as of date of gift, what about holding period?

In case of property gifeted with loss, when subsequently sold at loss, the basis is FMV as of date of gift. But would the date of acquision is the date of gift or date of investment to determine long term/ short term loss.
Example: Date of gift 3-Jan-2007, Gift proceeds Investment 20-Oct-2007, Sell 14-Apr-2008. Would we consider this a short term loss or a long term loss?

Long term is over one year.

Short term is less than one year.

The gift was held longer than one year by the individual who gifted the property, therefore the gift is considered long-term.

Date of the purchase is October 20, 2007 and the sell date is April 14, 2008. The gift date is a date of transfer.

If the gift is an inheritance then the estate has to decide whether to use the date of death as the valuation date or to take the option of using the date six months after the date of death. Then you would use the date the estate used. With inherited property it is always considered long term.

Holding period dates from the original purchase.

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