If Related Taxpayers Exchange Property Qualifying for a Like-Kind Exchange,the

question 31

True/False

If related taxpayers exchange property qualifying for a like-kind exchange,the properties must be retained for three years after the exchange to prevent recognition of gain resulting from the original exchange on a subsequent disposition of the property.

---

Definitions:

United Nations

An international organization founded in 1945 to promote peace, security, and cooperation among the world's nations.

Brick-And-Mortar

Refers to physical stores or businesses that have a physical presence where customers can visit, as opposed to online or virtual presence.

Online Retailers

Businesses that sell goods or services over the internet, allowing customers to shop from the convenience of their home or any other location with internet access.

Privacy Rights

Legal or ethical rights that pertain to an individual's personal information, ensuring protection against unauthorized access or disclosure.