How Long After the Initial Exchange Does a Taxpayer Have

question 17

Multiple Choice

How long after the initial exchange does a taxpayer have to identify replacement property in a like-kind exchange?

• A) The like-kind property to be received must be identified within 45 days.
• B) The like-kind property to be received must be identified by the earlier of 45 days or the last day of the taxpayer's taxable year.
• C) The like-kind property to be received must be identified within 180 days.
• D) There is no deadline for the identification of replacement property.
• E) All of the choices are correct.

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Definitions:

Unpleasant Shared Experience

A negative or distressing event that is experienced collectively by a group, linking the members through their common ordeal.

Clasts

Fragments or grains of mineral or rock, detached from a parent source, and usually compacted or cemented into a sedimentary rock.

Breccia

A coarse-grained sedimentary rock composed of angular fragments of minerals or rocks cemented together, often formed in volcanic or faulting environments.

Rounded Clasts

Clasts or rock fragments that have been rounded by the mechanical weathering process, typically found in sedimentary rocks.