Which One of the Following Is Not True Regarding a Like-Kind

question 45

Multiple Choice

Which one of the following is not True regarding a like-kind exchange?

• A) Loss on like-kind property is not recognized.
• B) Gains on boot given are deferred.
• C) Losses on boot given are not recognized.
• D) Land can be like-kind with a building.
• E) All of the choices are True.

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Definitions:

Educator Expense Deduction

The Educator Expense Deduction allows eligible educators to deduct unreimbursed expenses for classroom supplies, up to a specified amount annually.

Eligible Educator

A teacher or educational professional who meets certain criteria and may qualify for specific tax deductions or benefits.

Student Loan Interest

The cost paid for borrowing money for education, which can sometimes be deductible on federal taxes.

Educational Institution

An organization dedicated to education, such as a school, college, university, or training center.