Each of the Following Is True of Deferral of Gain

question 3

Multiple Choice

Each of the following is true of deferral of gain attributable to the involuntary conversion of personal property with the exception of

• A)gain deferral is elective,except for direct conversions.
• B)the replacement property may be acquired by gift,inheritance,or purchase.
• C)qualifying replacement property must be acquired within a specified time period.
• D)replacement property must be similar or related in service or use to the converted property.

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Definitions:

Older Adult

An individual who has reached an advanced stage of life, often defined as being 65 years of age or older, with considerations for health, social, and psychological needs.

Primary Muscles

The main muscles responsible for initiating and executing the movement of various parts of the body.

Diaphragm

A large, dome-shaped muscle located at the base of the lungs that plays a crucial role in breathing, contracting and flattening to allow air into the lungs.

Intercostals

Muscles situated between the ribs that play a role in the mechanics of breathing.