Which One of the Following Is Not True Regarding a Like-Kind

question 21

Multiple Choice

Which one of the following is not true regarding a like-kind exchange?

• A)Loss on like-kind property is not recognized.
• B)Gains on boot given are deferred.
• C)Losses on boot given are not recognized.
• D)Securities can be like-kind with any other securities.
• E)All of thesE.Losses on boot,but not like-kind property,given are recognized currently.

---

Definitions:

Agency Relationship

A legal relationship in which one party, the agent, acts on behalf of another party, the principal, with the principal's consent.

Right

A legal, moral, or social entitlement to have or obtain something or to act in a certain way.

Respondeat Superior

A legal doctrine holding an employer or principal responsible for the actions of their employees or agents performed within the course of their employment or agency.

Multi-national Corporation

A large corporation that operates and provides goods or services in multiple countries beyond its initial country of origin.