Which of the Following Is Incorrect

question 123

Multiple Choice

Which of the following is incorrect?

• A) The deferral of realized gain on a § 1031 like-kind exchange is mandatory.
• B) The deferral of realized gain on an indirect (into cash and then into qualified property) § 1033 involuntary conversion is mandatory.
• C) The taxpayer can elect to forgo the exclusion of realized gain on a § 121 sale of residence.
• D) Both b. and c. are incorrect.
• E) a., b., and c. are incorrect.

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Definitions:

Outsourced Function

A task or operation that is performed by external parties rather than by in-house staff.

In-house

Referring to activities or operations that are carried out within an organization by its own members or resources, rather than being outsourced.

Outsourcing Arrangements

Agreements where one company hires an external party to perform services or create goods that traditionally were performed in-house.

Cost Savings

Reductions in expenses, achieved through efficiency improvements, negotiation, or eliminating wasteful practices, contributing to an organization's financial health.