What is the best way to store a cut Christmas tree?

FAQ
Question: 

What is the best way to store a cut Christmas tree?

Answer: 

If you don’t intend to set up the Christmas tree immediately, place the tree in a cool, sheltered location. An unheated garage or shed is often a suitable storage site. (The sun and wind dries out trees stored outdoors.) Put the butt of the tree in a bucket of water. Remove an inch or more from the bottom of the trunk before bringing the tree in the house. A fresh cut facilitates water uptake.