Each of the Following Is True of Deferral of Gain

question 1961

Multiple Choice

Each of the following is true of deferral of gain attributable to the involuntary conversion of personal property with the exception of

• A) qualifying replacement property must be acquired within a specified time period.
• B) gain deferral is elective, except for direct conversions.
• C) the replacement property may be acquired by gift, inheritance, or purchase.
• D) replacement property must be similar or related in service or use to the converted property.

---

Definitions:

Pascal's Wager

An argument in philosophy that posits individuals should live as if God exists, because the potential benefits outweigh the costs.

Atheism

The absence or lack of belief in the existence of deities or gods.

Agnosticism

The belief that the existence or non-existence of deities or other spiritual phenomena is unknown or unknowable.

Religious Service Attendance

the act of participating in gatherings or ceremonies organized by a religious institution, often reflecting personal faith or communal worship practices.