If No Gain Is Recognized in a Nontaxable Like-Kind Exchange

question 25

True/False

If no gain is recognized in a nontaxable like-kind exchange involving Sec.1245 or Sec.1250 property,the recapture potential carries over to the replacement property.

---

Definitions:

Same-Sex Marriages

Legal unions between two individuals of the same gender, recognized by some jurisdictions.

Legalize

To make something permissible by law, often referring to actions, substances, or activities that were previously illegal.

Netherlands

A country in Northwestern Europe, known for its flat landscape, extensive canal systems, windmills, tulip fields, and cycling routes.

Consensual Unions

Relationships where couples live together and have a sexually intimate relationship without being legally married.