In Determining the Basis of Like-Kind Property Received, Postponed Losses

question 98

Multiple Choice

In determining the basis of like-kind property received, postponed losses are:

• A) Added to the basis of the old property.
• B) Subtracted from the basis of the old property.
• C) Added to the fair market value of the like-kind property received.
• D) Subtracted from the fair market value of the like-kind property received.
• E) None of the above.

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