Which of the Following Statements Is Not True with Regard

question 76

Multiple Choice

Which of the following statements is not true with regard to like-kind exchanges?

• A)Nonrecognition of gains and losses is mandatory if the exchange is a like-kind exchange.
• B)The holding period of like-kind property received includes the holding period of the property exchanged.
• C)A loss is always recognized if the taxpayer transfers non-like-kind personal-use property (e.g.,a personal-use car)in an otherwise like-kind exchange.
• D)The basis of property received in an exchange is equal to the basis of the property exchanged less the boot received plus the gain recognized and less any loss recognized.

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Definitions:

Adaptive Challenges

Difficulties or problems that require new learning, innovation, and change in behavior or approach to be effectively addressed.

Follower Centered

An approach that emphasizes the importance of followers in the leadership process, focusing on their needs, empowerment, and development.

Disciplined Attention

The focused and consistent effort to concentrate on priority tasks or objectives, often in face of distractions.

Adaptive Challenges

Involve complex issues that require new learning, innovation, and changes in behavior or attitudes, as opposed to technical problems with known solutions.