The General Mechanism Used to Defer Gains and Losses from a Transaction

question 74

Multiple Choice

The general mechanism used to defer gains and losses from a transaction includes certain adjustments to the basis of the replacement property. These adjustments include
I.subtracting deferred losses.
II.adding deferred gains.
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• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.