To Be a Nontaxable, Like-Kind Exchange, All of the Following

question 50

Multiple Choice

To be a nontaxable, like-kind exchange, all of the following conditions must be met except:

• A) fte property must be tangible property.
• B) fte exchange must meet the completed transaction requirement (180-day requirement).
• C) fte property must be (un)encumbered by mortgages or other liabilities.
• D) fte property must be business or investment property.

---

Definitions:

Bran Cereal

A type of breakfast food made from the hard outer layers of cereal grains, high in fiber and nutrients.

Prune Juice

A fruit juice made from prunes that is often used for its laxative effects to alleviate constipation.

Constipation

A common digestive system condition where individuals have infrequent bowel movements or difficulty passing stools.

Apneic

Pertaining to apnea, a temporary cessation of breathing, especially during sleep.