The Holding Period for Property Received in a Qualifying Like-Kind

question 32

True/False

The holding period for property received in a qualifying like-kind exchange begins on the date the new property is received.

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Definitions:

Statute Of Limitations

A statute prescribing the maximum time after an event within which legal proceedings may be initiated, based on the nature of the claim or case.

UCC

The Uniform Commercial Code represents an extensive collection of regulations that oversee business deals within the United States.

Breach

The violation or breaking of a law, duty, or agreement, especially concerning contracts.

Implied Warranty

An implied warranty is a legal doctrine that assumes a basic level of quality and functionality in sold goods even if not explicitly stated by the seller.