Which Side Are You On?
TEAM ONE HOLE
The intuitive answer (and correct) is one hole. It's topographically like a straw, with one connected hole all the way through. The Oxford English Dictionary defines a hole as a "hollow place in a solid body or surface," which backs up Team One Hole.
TEAM NO HOLES
It's simple, really. No holes because it's a hollow disc. Or you strictly eat doughnuts of the cream or jelly-filled variety.
Why Do Doughnuts Have Holes Anyway?
It all started on a ship in 1847. A sailor didn't like how the fried cakes the cook made were always doughy in the middle. So, he took matters into his own hands and punched a hole in the middle of the raw dough so it would cook more evenly. Wonder if he was a nutcase, and that's where the name came from too…
We'll save the donut vs. doughnut debate for another time…