How Long Does a Taxpayer Have to Identify Replacement Property

question 74

Multiple Choice

How long 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 these.

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Definitions:

United States

A country comprised of 50 states, a federal district, five major self-governing territories, and various possessions, known for its large economy and influential culture.

Until

Refers to a point in time up to which an action or condition is valid or in effect.

Disparate-Treatment Discrimination

Discrimination in the workplace that occurs when an employee is treated unfavorably because of characteristics such as race, gender, age, or religion.

Burden of Proof

The obligation to present evidence to support one's claim or defense in a legal proceeding.