In a Deferred Like-Kind Exchange, the Like-Kind Property to Be

question 49

True/False

In a deferred like-kind exchange, the like-kind property to be received must be identified within 45 days and acquired within 180 days from the initial exchange.

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Definitions:

Certificate

A document serving as evidence or proof of certain facts, ownership, completion of requirements, or entitlements.

Limited Partnership

A partnership consisting of at least one general partner and at least one limited partner who is not responsible for the debts and obligations of the business beyond the amount of their investment.

Service of Process

The procedure by which a party to a lawsuit gives an appropriate notice of initial legal action to another party (such as a defendant), court, or administrative body to exercise jurisdiction over that person or property.

LLPs

Limited Liability Partnerships, a form of business organization where partners have limited liabilities and it protects each partner from debts against the partnership arising from professional malpractice lawsuits.