Long-term and short-term are relative terms. In stock owning only a day trader thinks that one-year is long term. It can takes years for earning growth to develop and who knows how long before the markets respond. An investor should be making the most productive use of there capital regardless of present or future tax levies. This like having the tail wagging the dog. The taxman telling the investor how long to own an asset. These posts are to address Investors.
Long and short term refers to an Investors holding period for shareholding, not some legislated tax-reporting period. Only someone getting marginal returns is going to base his investment understanding on the tax code. You just get a high enough return on your assets so that you can pay your taxes and move on. In the example given Coca-Cola is mentioned. Warren trades Coke. He buys it and sells it, with a few years in between. This would have to be considered a short-term trade, compared to the “buy and hold for life technique,” he uses on American Express.
Futures transactions are long term if the contract was held for more than 6 months. That certainly is not a year, as was stated here before. In futures trading, 60% of your capital gain or loss will be treated as a long-term capital gain or loss, and 40% will be treated as a short-term capital gain or loss regardless of how long you actually held the property. That means you can buy and sell it instantly and be subject to long-term capital gain tax. Surly we are not suggesting that an instant, is long term just because some tax code in one of over a hundred and fifty, countries says it is. Any capital gain or loss on a sale, of "Securities," Futures Contracts will be considered short term, regardless of how long you hold the contract. And here we have a trader who can hold these contract for well over a year and some politico says its is short term. 
There has to be some common sense here. In general, in the stock market one year is not, no way, no how, long term. No one sees the business cycle fitting into that short of a time span, not even CNN. Mark Mobius seeks long-term capital appreciation over a five-year horizon, in line with the Templeton investment philosophy.  Warren Buffett’s favorite holding period is forever. 
I don’t want to have to keep on the look out, but what Portfolio Investor cares about an accounting perspective. We are, I thought looking for the investor’s perspective. Capitalist have been at this the for 5,000 years, and the concepts mean pretty much the same thing, through out time, and in every land. So what does it mean for an Investor any place on earth, at any time?
“From an accounting perspective, an asset is a term for anything of value owned by a company or individual.”
From what you say I suppose you would call an Alligator an asset even if you had to feed if, it had value, and you owned it?
We are trading here in securities, how are buildings, machinery, and equipment, going to show up in a Wikinvest portfolio as an asset?
How can they be assets if they are not earning any income?
How is a company's reputation among customers going to help a traders portfolio income, I don’t see any connection?
“Publicly traded companies are required to list a summary of their assets and liabilities every quarter on there, where accounting rules determine how assets are categorized and valued. “
So what! They probably have to pay to have snow shoveled. What does that have to do with a portfolio owner’s income?
From a Investors standpoint, an asset is something that puts money in your pocket and a liability is something that takes money out of an Investors pocket.  Is this a true statement?
“From an accounting perspective, the opposite of an asset is a liability - something of negative value, usually a debt owed by a company.”
What does “a debt owed by a company,” have to do with a shareholder?
A liability is something that costs an Investor money, plain, and simple. Is this a true statement?
Sumflow 08:20, October 9, 2010 (PDT)