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:

Parasympathetic Nervous System

A division of the autonomic nervous system responsible for stimulating "rest-and-digest" or "feed and breed" activities when the body is at rest, promoting calming and a return to maintenance functions.

Central Nervous System

This refers to the complex system comprised of the brain and spinal cord, acting as the primary control center for processing and sending out nerve signals throughout the body.

Endocrine System

A collection of glands that produce hormones which regulate metabolism, growth and development, tissue function, sexual function, reproduction, sleep, and mood, among other things.

Plasticity

The brain’s special capacity for change.