Which of the Following Statements Is Not True with Regard

question 17

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 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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