Property Is Acquired in a Qualifying Like-Kind Exchange

question 64

Multiple Choice

Property is acquired in a qualifying like-kind exchange. The acquired property is sold three months after it is acquired. Which of the following is correct?

• A) Since the holding period of the property given up in the exchange "tacks" to the holding period of the acquired property, the holding period of the acquired property could be long-term.
• B) The holding period of the acquired property is short-term.
• C) The holding period of property acquired in a like-kind exchange is always long-term.
• D) When property acquired in a like-kind exchange is disposed of, the holding period is not relevant.
• E) None of the above.

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Definitions:

Project Components

The distinct elements or parts that make up a project, each necessary for its completion and success.

Certain Sequence

A specific order or arrangement in which related events, tasks, or processes are intended to occur.

According To Budget

In alignment with, or not exceeding, the planned or allotted amount of money for a project, department, or organization.

Project Management

The application of processes, methods, skills, knowledge, and experience to achieve specific project objectives according to the project acceptance criteria within agreed parameters.