Twining Corporation Has Some Land It Wants to Trade for a Building

question 52

Multiple Choice

Twining Corporation has some land it wants to trade for a building owned by Clopp Corporation.Clopp does not want to exchange the building because it wants to recognize its loss on the building.Twining, however, does not want to recognize its gain.What alternative(s) does Twining have that will allow it to avoid recognizing gain?

• A)Twining can sell its land to a third party and take the money and purchase the building.
• B)Twining can have a third party purchase the building and have the third party trade for the land.
• C)Twining can complete a nonsimulataneous exchange within one year of identifying the desired property.
• D)All of the above are acceptable alternatives.

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Definitions:

Handwriting

The act or skill of writing by hand; also refers to an individual's unique style of writing.

Merchants

Individuals or businesses engaged in the trade of goods, services, or commodities for profit.

ATM Cards

Plastic cards issued by banks that allow customers to access their accounts and conduct transactions at automated teller machines.

Fraudulent Use

The illegal use or misrepresentation of something or someone's identity or resources for personal gain.