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:

Monosaccharides

Simple sugars that are the most basic form of carbohydrates, consisting of a single sugar molecule and serving as energy sources and building blocks for more complex carbohydrates.

Glucose

A simple sugar that is an important energy source in living organisms and is a component of many carbohydrates.

Galactose

A simple sugar (monosaccharide) that, along with glucose, makes up lactose, the primary sugar in milk.

Five-Membered Ring

A ring structure consisting of five atoms, common in various organic compounds and crucial in the study of organic chemistry.