Which of the Following Statements About Like-Kind Exchanges Is False

question 104

Multiple Choice

Which of the following statements about like-kind exchanges is false?

• A)Like-kind property must be held for either business or investment use.
• B)Businesses cannot engage in like-kind exchanges of inventory.
• C)The definition of like-kind property for tangible personalty is determined by the IRS.
• D)Business cannot exchange undeveloped land for developed real estate.

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Definitions:

Milgram's Experiment

A psychological experiment conducted by Stanley Milgram to measure the willingness of study participants to obey an authority figure instructing them to perform acts conflicting with their personal conscience.

African-American

Pertaining to Americans of African descent, this term emphasizes the rich cultural and historical heritage linked to the African diaspora in the United States.

Unarmed People

Individuals who are not carrying, holding, or possessing weapons, making them vulnerable in conflicts or violent situations.

Groupthink

A psychological phenomenon where the desire for harmony or conformity within a group leads to an irrational or dysfunctional decision-making outcome.