Which of the Following Statements Is Not True with Regard

question 946

Multiple Choice

Which of the following statements is not true with regard to like- kind exchanges?

• A) Nonrecognition of gains and losses is mandatory if the exchange is a like- kind exchange.
• B) The holding period of like- kind property received includes the holding period of the property exchanged.
• C) The basis of property received in an exchange is equal to the basis of the property exchanged less the boot received plus the gain recognized and less any loss recognized.
• D) A loss is always recognized if the taxpayer transfers non- like- kind personal- use property (e.g., a personal- use car) in an otherwise like- kind exchange.

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Definitions:

Role-Play

A method of learning or therapy involving acting out roles or scenarios, often to practice behaviors or explore complex situations.

Collaboration

A work strategy where individuals work together towards a common goal, sharing responsibilities and contributions.

General Statements

Broad and nonspecific claims or assertions that apply to many scenarios without detailed evidence or specification.

Constructive Conflict Resolution

A method of addressing disagreements that involves open communication, understanding, and compromise to reach a solution beneficial for all parties.