Think about it this way: when do you report established in the hold?
Short answer: there isn't a clear definition of what "established" means with respect to a hold. One reports entering the hold upon crossing the fix that defines the hold.
14 CFR 61.57(c)(1)(ii) simply requires "Holding procedures and tasks." It does not specify which part, if any, of a hold is required.
For the sake of proficiency (or recency of experience, which is not necessarily the same as proficiency), which is the intent and purpose of 61.57(c), one should consider the elements of holding and procedures that are important. Holding isn't possible unless one can correctly identify the hold and determine how to enter it. Making the entry correctly (speed, altitude, correct direction of turns, establishing on the correct inbound course and on the protected side of the hold) is important, because that's the foundation of remaining in the hold, and in the case of a hold in lieu of a procedure turn, it's the essence of the entry to the approach procedure. This is basic to any holding procedure, and should be considered when seeking proficiency and currency. Most instructors will at least want to see a student or someone seeking an instrument proficiency check complete the hold entry back to the fix.
Since 1992, the FAA has held that for an approach to be counted for recency of experience, it must be conducted to minimums. One cannot simply fly the beginning of the approach, and count it for recency of experience. No such interpretation has been provided for holding procedures. A conservative rendering of the regulation, which does not specify the extend of the holding procedure that must be completed, would be to execute the full hold. If one is only doing a hold every six months, then doing at least a full hold isn't a lot to ask.
In context of the thread, by the time one has completed the entry and established on the inbound course to the fix defining the hold (for a hold in lieu of a procedure turn), one is certainly established inbound, and if cleared for the approach prior to crossing the fix (and if configured and ready for the approach), one has met the requirements to reverse course and become established. One might not get a full turn in the hold, yet has performed "holding procedures and tasks."