Like Individuals, Corporations Can Defer Recognizing Gain on Like-Kind Exchanges

question 113

True/False

Like individuals, corporations can defer recognizing gain on like-kind exchanges.

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Definitions:

Credit

An accounting entry that increases a liability or equity account, or decreases an asset or expense account.

Increased

A term indicating that a numerical value, quantity, or financial metric has gone up from a previous measurement.

Account

Represents a specific financial record in bookkeeping that tracks the financial transactions of a particular aspect, such as expenses or revenues.

Asset

Resources owned by a company from which future economic benefits are expected to flow to the entity.