Real Property Exchanged for Personal Property,both Held for Productive Use

question 39

True/False

Real property exchanged for personal property,both held for productive use in a business,qualifies as a like-kind exchange.

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Definitions:

Community

In primatology, a unit of primate social organization composed of fifty or more individuals who collectively inhabit a large geographical area.

Work

An activity involving mental or physical effort done to achieve a purpose or result, often associated with earning a livelihood in the context of employment.

Mode of Subsistence

The method by which a society acquires its food and economic resources, which can range from hunting and gathering to agriculture or industrial production.

Hunting

The pursuit and capturing or killing of wildlife or feral animals, primarily done for food, sport, or trade.