Which of the Following Qualify as a Like-Kind Exchange

question 70

Multiple Choice

Which of the following qualify as a like-kind exchange?
-Land held as an investment for an office building and land used in a business.

• A)qualifies as a like-kind exchange
• B)does not qualify as a like-kind exchange

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Definitions:

Quota

An upper limit, set by the government, on the quantity of some good that can be bought or sold; also referred to as a quantity control.

Consumption

Consumption involves the use of goods and services by households, covering everyday spending on things like food, clothing, and entertainment.

Tariffs

Taxes imposed by a government on imported goods to increase their price and protect domestic industries.

Import Quotas

A government-imposed limit on the quantity of a particular good that can be imported into a country during a specified period of time.