Which of the Following Is Not a Characteristic of Involuntary

question 13

Multiple Choice

Which of the following is not a characteristic of involuntary conversions?

• A)Gain only is deferred
• B)The taxpayer can receive cash to invest in qualifying replacement property
• C)The provision applies to both realty and personalty
• D)All of these are characteristics

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Definitions:

Foliation

Foliation is the repetitive layering in metamorphic rocks, caused by the reorientation of minerals under high pressure and temperature conditions.

Cross Section

A diagram representing the geology as a two-dimensional slice through the land. See also geologic cross section.

Cleaved Rocks

Rocks that have been split or sliced along very smooth, flat surfaces, often due to intense pressure.

Unconformity

A boundary between underlying and overlying rock strata representing a significant break or gap in the geologic record; an unconformity represents an interval of nondeposition or erosion, commonly accompanied by uplift.