In Order to Qualify for Like-Kind Exchange Treatment Under §

question 175

Multiple Choice

In order to qualify for like-kind exchange treatment under § 1031, which of the following requirements must be satisfied?

• A) The form of the transaction is a sale or exchange.
• B) Both the property transferred and the property received are held either for productive use in a trade or business or for investment.
• C) The exchange must be completed by the end of the second tax year following the tax year in which the taxpayer relinquishes his or her like-kind property.
• D) Only a. and b.
• E) a., b., and c.

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Definitions:

Anita Whitney

An American political activist involved in early 20th-century movements for social and labor reforms, later convicted under the California Criminal Syndicalism Act.

Fourteenth Amendment

Ratified in 1868, this amendment to the U.S. Constitution granted citizenship to all persons born or naturalized in the United States, including formerly enslaved people, and provided equal protection under the laws.

Supreme Court

The highest federal court in the United States, with ultimate appellate jurisdiction over all federal and state court cases that involve a point of federal law.

Schenck v. United States

A landmark 1919 Supreme Court case that established the "clear and present danger" test for determining when speech protected by the First Amendment could be limited.