A Owns a Ranch in Wyoming,which B Offers to Purchase

question 74

Multiple Choice

A owns a ranch in Wyoming,which B offers to purchase.A is not willing to sell the ranch but is willing to exchange the ranch for an apartment complex in Louisiana.The complex is available for sale.B purchases the apartment complex in Louisiana from C and transfers it to A in exchange for A's ranch.The ranch and the complex each have a $1,000,000 fair market value.Which of the following is true?

• A)The transaction qualifies as a like-kind exchange for B but not for A.
• B)The transaction qualifies as a like-kind exchange for both B and A.
• C)The transaction qualifies as a like-kind exchange for A but not for B.
• D)The transaction does not qualify as a like-kind exchange for either B or A.

---

Definitions:

Reading Level

A measure or assessment of an individual's reading ability or how complex a text is, usually defined by grade level or age group.

Bend At The Knees

A movement where the knees are flexed while keeping the back straight, usually advised to prevent injury during lifting.

Back Muscles

A group of muscles in the back that support the spine, assist in movement, and maintain posture.

Heavy Object

An item of significant weight, often requiring more than a person's physical capability to move or lift it.