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:

Social Psychologist

A professional in psychology who studies how an individual's thoughts, feelings, and behaviors are influenced by the actual, imagined, or implied presence of others.

Developmental Psychologist

A developmental psychologist specializes in understanding and studying the growth and changes that occur throughout the lifespan, including cognitive, physical, and social development.

Cultural Psychologist

A professional who studies how cultural practices influence human behavior and thought processes.

Clinical Psychologist

a professional specializing in diagnosing and treating mental, emotional, and behavioral disorders through psychological techniques and therapies.