If someone gives you stock was he/she held long term (+1 year 1 day), do you have a wait a year?

Do you have to wait a year before you can sell it and receive long term capital loss/gain treatment. Assuming no gift tax is paid, your basis will be lesser of donor's basis or fmv date of gift, you could you sell it a month later and claim long term?
Update: Different answers from different people. Let me explain further... o On January 3, 2010, Taxpayer 2 received ABC, Inc. stock worth $10,000 as a gift from Taxpayer 1. Taxpayer 1 adjusted basis for the stock was $7,000. No gift taxes were paid on the transfer. Taxpayer 1 had purchased the stock on October 10,... show more Different answers from different people. Let me explain further...

o On January 3, 2010, Taxpayer 2 received ABC, Inc. stock worth $10,000 as a gift from Taxpayer 1. Taxpayer 1 adjusted basis for the stock was $7,000. No gift taxes were paid on the transfer. Taxpayer 1 had purchased the stock on October 10, 2009.Taxpayer 2 sold the stock on November 15, 2010 for $11,000. Is this short-term or long term...
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