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:

Adolescent Phase

A developmental stage occurring between childhood and adulthood, marked by physical, psychological, and social changes.

Physical Changes

Alterations in the body that occur through growth, aging, or external factors, affecting its appearance or function.

Males

The biological sex that produces small, mobile gametes (sperm) for sexual reproduction, typically characterized by XY chromosomes in humans.

Females

Refers to the sex that is typically associated with the production of ova (eggs) and has characteristic biological and physiological features distinct from the male sex.