Which of the Following Is Not a Characteristic of a Like-Kind

question 40

Multiple Choice

Which of the following is not a characteristic of a like-kind exchange?

• A)The holding period for like-kind property includes the holding period of the property surrendered.
• B)Receipt of boot can cause gain recognition up to the gain realized.
• C)Business realty can be exchanged for business personalty.
• D)Personal-use assets do not qualify for like-kind exchanges.
• E)All are like-kind characteristics.

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Definitions:

New Amsterdam

The 17th century Dutch colony that was located at the southern tip of Manhattan Island, which later became New York City upon English acquisition.

New Netherland

A 17th-century colonial province of the Dutch Republic that included parts of present-day New York, New Jersey, Delaware, and Connecticut.

Dutch Reformed Church

A Protestant Christian denomination originating in the Netherlands during the Reformation, known for Calvinist theology and significant presence in North America.

New Amsterdam

The 17th-century Dutch settlement that later became New York City, reflecting the early colonial history of the United States.