Which of the Following Exchanges of Property Are Like-Kind Exchanges

question 56

Multiple Choice

Which of the following exchanges of property are like-kind exchanges?
I.Common stock of Intel traded for preferred stock of Intel.
II.Principal residence traded for 20 acres of undeveloped investment land.
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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.

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Definitions:

Atomic Number

The atomic number of an element is the number of protons in the nucleus of an atom, defining the element and determining its position in the periodic table.

First Energy Level

The initial level of energy that an electron in an atom can have, closest to the nucleus.

Electrons

Negatively charged particles that circle around an atom's nucleus.

Ion

Atom or molecule that carries a net charge.