Gain Realized on a Like-Kind Exchange Is Excluded from Income

question 5

Multiple Choice

Gain realized on a like-kind exchange is excluded from income in all of the following circumstances except:

• A) When boot is given.
• B) When boot is received.
• C) When a liability is assumed.
• D) Both boot is received and a liability is assumed.

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Definitions:

Institutional Value System

The set of fundamental beliefs, ethics, and norms that guide the behavior and practices within an organization or institution.

Exploration

Calls for the organization and its managers to stress freedom and radical thinking and therefore opens the firm to big changes—or what some call radical innovations.

Process Innovations

Introduce into operations new and better ways of doing things.

Institutional Adaptation

The process by which organizations adjust and change to meet the demands of their external environment or internal needs.