Which of the Following Can Be Income Deferral Transactions

question 36

Multiple Choice

Which of the following can be income deferral transactions?
I.Exchanges of like-kind property.
II.Involuntary conversions of property.
​

• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

---

Definitions:

Plate Boundary

The edges where two tectonic plates meet, which can be divergent, convergent, or transform, leading to various geological phenomena such as earthquakes and volcanic activity.

Oceanic Transform Plate Boundary

This is a type of plate boundary where two tectonic plates slide past each other horizontally, often causing earthquakes.

Mid-Ocean Ridge

An underwater mountain range, formed by plate tectonics, that encircles the globe.

Oceanic Trench

Deep and narrow depressions in the ocean floor, formed by the subduction of one tectonic plate under another.