If No Gain Is Recognized in a Nontaxable Like-Kind Exchange

question 25

True/False

If no gain is recognized in a nontaxable like-kind exchange involving Sec.1245 or Sec.1250 property,the recapture potential carries over to the replacement property.

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Definitions:

Oral Order

A verbal command or instruction to perform a task or service, which can be legally binding in certain contexts.

Disposable Nitrile Gloves

Single-use gloves made from synthetic rubber used for hand protection, often in medical and industrial settings.

Enforceable Contract

A valid contract that is legally binding and can be upheld and enforced in court if necessary.

Oral Agreement

A contract formed through spoken communication rather than in written form, yet legally binding in many cases.