Pat Owns a 1965 Mustang Car Which He Uses for Personal

question 152

True/False

Pat owns a 1965 Mustang car which he uses for personal use.He purchased it four years ago for $22,000, and it currently is worth $27,000.He exchanges it for a 1979 Triumph Spitfire convertible worth $27,000.Pat's recognized gain is $0 and his adjusted basis for the convertible is $22,000.

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Definitions:

Parent Table

In a relational database, a table that is referenced by a foreign key in another table (the child table), establishing a relationship between the two.

Allow Zero Length

A database field property that permits the entry of an empty string as a valid value.

CustEmail

A term likely used to refer to a customer's email address in a database or application.

Multivalue Lookup Field

A field that allows users to select multiple values from a list of predefined options, often used in databases to facilitate data entry and ensure accuracy.