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

question 63

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 personality is determined by the IRS.
• D) Business cannot exchange undeveloped land for developed real estate.

---

Definitions:

Schizophrenic Disorders

A group of severe mental health conditions marked by disordered thoughts, perceptions, emotions, and behaviors.

Hallucinations

Perception-like experiences that occur without an external stimulus, vivid and clear, with the full force and impact of normal perceptions.

Social Skills

The abilities used to communicate and interact with others effectively, both verbally and non-verbally, through gestures, body language, and personal appearance.

Depression

A constant state of depression or apathy towards daily tasks signifies this mental illness, leading to considerable difficulties in personal life.