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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:

Pituitary Gland

A pea-sized gland located at the base of the brain, known as the "master gland," because it controls many other hormone glands in the body.

Sphenoid Bone

A butterfly-shaped bone at the base of the skull that forms part of the eye socket and the floor of the cranial cavity.

Foramen Ovale

An opening in the septum between the two upper chambers of the heart in a fetus, which closes soon after birth.

Zygomatic

Pertaining to the cheekbone or zygoma, a bone that forms the prominence of the cheek.

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