How Long After the Initial Exchange Does a Taxpayer Have

question 30

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:

William James

A pioneering American psychologist and philosopher who significantly contributed to the development of psychology as a science in the late 19th and early 20th centuries.

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A perspective in sociology and psychology that assesses social structures and behaviors in terms of their roles, operations, and contributions to societal equilibrium.

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A term referring to something or someone originating from or associated with the United States of America.

Doctorate Degree

The highest level of academic degree awarded by universities, typically after a course of study and research that contributes new knowledge to the field.