If There Is a Like-Kind Exchange of Property Between Related

question 95

Multiple Choice

If there is a like-kind exchange of property between related parties,how long do they have to wait to dispose of the property received in order to avoid having to recognize any gain on the exchange?

• A)6 months
• B)1 year
• C)2 years
• D)no waiting period

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Definitions:

Implied-In-Fact

A contract formed by the circumstances or conduct of the parties involved, rather than written or spoken words.

Uniform Commercial Code

A broad collection of legislative measures governing every aspect of commerce in the United States.

Interstate Commerce

Commercial transactions or traffic that cross state boundaries, regulated by the federal government in the United States.

Federal Law

The body of law created by the federal government of a country, which applies to all its citizens and territories.