Which of the Following Statements Is Correct with Respect to the Deferral

question 28

Multiple Choice

Which of the following statements is correct with respect to the deferral provisions of the tax law?

• A)The like-kind exchange provision is elective.
• B)The involuntary conversion provision is elective.
• C)The exclusion of gain on the sale of a personal residence is elective.
• D)Both the like-kind exchange and the involuntary conversion provisions are elective.
• E)None of the above.

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Definitions:

Material Recall

The ability to remember and retrieve information or facts previously learned or experienced.

Autobiographical Memory

The aspect of memory that involves the recollection of personal experiences and events from one's own life.

Recollection

The act of remembering something or calling something to mind; a memory.

Life Events

Significant occurrences in a person's life that can have a profound effect on their well-being and behavior, including both positive and negative events.