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:

Interpersonal Skills

The abilities used to communicate and interact effectively with other people both individually and in groups.

Chronic Major Depressive Disorder

A condition of mental health typified by enduring despondency or a lack of excitement in tasks, seriously impairing routine life activities.

Imaginary Friend

A non-existent person or character created in the imagination, often by children, with whom they might interact as if they were real.

Posttraumatic Stress Disorder (PTSD)

A mental condition that can develop after a person is exposed to a traumatic event, characterized by re-experiencing, avoidance, arousal, and mood symptoms.