In a Nontaxable Exchange, the Replacement Property Is Assigned a Carryover

question 47

True/False

In a nontaxable exchange, the replacement property is assigned a carryover basis if there is a realized gain but receives a new basis if there is a realized loss.

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Definitions:

Extinction

is the process through which a species, genus, or family ceases to exist due to the death of its last member, often a result of environmental factors, human activities, or evolutionary changes affecting the species.

Premature Extinction

The early disappearance of a species from Earth, occurring before natural expectations due to human actions or environmental changes.

Human Activities

Actions by humans that affect the environment, including agriculture, industry, and urban development, which can impact natural habitats and climate.

Alien Species

Organisms introduced into areas outside their natural habitat, potentially causing harm to native species and ecosystems.