If a Taxpayer Exchanges Like-Kind Property Under § 1031 and Assumes

question 50

True/False

If a taxpayer exchanges like-kind property under § 1031 and assumes a liability associated with the property received, the taxpayer is considered to have given boot in the transaction.

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Definitions:

Token Economy

A behavior modification system that uses tokens as reinforcing agents for desired behaviors, which can later be exchanged for various rewards.

Operant Conditioning

A behavior adjustment mechanism that operates through the distribution of incentives or the imposition of sanctions.

Systematic Desensitization

A therapy technique used to reduce phobias through gradual exposure to the feared object or situation combined with relaxation exercises.

Systematic Desensitization

A behavioral therapy technique that gradually exposes an individual to an anxiety-producing stimulus while teaching relaxation techniques to overcome the anxiety.