For a Transaction to Qualify as a Third-Party Exchange

question 46

Multiple Choice

For a transaction to qualify as a third-party exchange,
I.The exchange must be completed within 1 year of the first exchange.
II.The property exchanged must be identified within 45 days of the first exchange.
​

• 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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Definitions:

Hot-Air Balloon

A lighter-than-air aircraft consisting of a bag, known as the envelope, which contains hot air, allowing it to float in the atmosphere.

Intolerance

"Intolerance" is a 1916 silent film directed by D.W. Griffith, known for its ambitious scale and the complexity of its narrative structure, depicting various historical epochs to explore themes of injustice and intolerance.

Scope and Scale

Terms referring to the extent and ambit of a project or scene in film, often related to its visual grandeur, epic themes, or the depth of its storytelling.

Mary Pickford

A Canadian-American film actress and producer, known as "America's Sweetheart" and a pioneering figure in early Hollywood, who co-founded the film studio United Artists and the Academy of Motion Picture Arts and Sciences.