Gain Deferral Is Fundamental to the Nonrecognition Transactions

question 52

Multiple Choice

Gain deferral is fundamental to the nonrecognition transactions. In which of the following is gain deferral mandatory?
I.Involuntary conversion of business real estate.
II.Like-kind exchange of business real estate.
​

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

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