Each of the Following Is True of Deferral of Gain

question 3

Multiple Choice

Each of the following is true of deferral of gain attributable to the involuntary conversion of personal property with the exception of

• A)gain deferral is elective,except for direct conversions.
• B)the replacement property may be acquired by gift,inheritance,or purchase.
• C)qualifying replacement property must be acquired within a specified time period.
• D)replacement property must be similar or related in service or use to the converted property.

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Definitions:

Organic Chemistry

A branch of chemistry that studies the structure, properties, composition, reactions, and synthesis of carbon-containing compounds.

1-bromopentane

An organic compound where a bromine atom is bonded to the first carbon in a five-carbon chain.

1-bromopropane

An organobromide compound used as a solvent or an intermediate in organic synthesis, featuring a three-carbon chain.

Synthetic Steps

The individual chemical reactions or stages used to manufacture a compound in the laboratory or industry.