Which of the Following Statements Is Not True with Regard

question 76

Multiple Choice

Which of the following statements is not true with regard to like-kind exchanges?

• A)Nonrecognition of gains and losses is mandatory if the exchange is a like-kind exchange.
• B)The holding period of like-kind property received includes the holding period of the property exchanged.
• C)A loss is always recognized if the taxpayer transfers non-like-kind personal-use property (e.g.,a personal-use car)in an otherwise like-kind exchange.
• D)The basis of property received in an exchange is equal to the basis of the property exchanged less the boot received plus the gain recognized and less any loss recognized.

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Definitions:

Form

A graphical interface in databases and applications where users can enter, modify, or view data fields.

Control Wizard

A feature in software development environments that assists users in creating complex controls by guiding them through the configuration process.

Report Wizard

A guided tool that simplifies the process of creating reports by walking the user through steps to select and format data.

Report Design

The process of organizing data in a structured format for print or display, typically using specific design tools.