A Taxpayer Conducts a Qualifying Like-Kind Exchange

question 46

True/False

A taxpayer conducts a qualifying like-kind exchange.There is no boot involved in the transaction.The basis of the property received will equal the adjusted basis of the property exchanged.

---

Definitions:

Decentration

Simultaneous focusing (centering) on more than one aspect or dimension of a problem or situation.

Concrete Operational

A stage in Piaget's theory of cognitive development (ages 7-12) where children gain a better understanding of concrete events and logical operations, but struggle with abstract concepts.

Phonics

A method of teaching reading and spelling that stresses symbol-sound relationships, used especially in early grades.

Language

A system of communication used by a particular community or country, consisting of written, spoken, or gestural symbols.