Which of the Following Statements Is/are Correct

question 113

Multiple Choice

Which of the following statements is/are correct?
I.The carryover-holding period only applies if the property exchanged is personal-use property.
II.The holding period of like-kind property received includes the holding period of the property exchanged.
​

• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

---

Definitions:

Availability Heuristic

A fast-track cognitive process that uses the earliest examples coming to mind for a person when evaluating a unique topic, concept, practice, or choice.

Gambler's Fallacy

The inaccurate belief that when something is happening more frequently than is typical during a particular time, it will subsequently happen less frequently, or the other way around.

Maladaptiveness

A trait or behavior that is counterproductive to an individual's well-being or ability to meet demands of the environment.

Incompetence

The lack of ability, qualification, or capacity to perform a specified job or task effectively.