Which of the Following Is True of a Like-Kind Exchange

question 11

Multiple Choice

Which of the following is true of a like-kind exchange:

• A)There must be no cash exchanged to qualify.
• B)The properties exchanged cannot be personal residences.
• C)Office furniture can be exchanged for computers.
• D)A new holding period for capital gains treatment starts on the day the exchange is completed.

---

Definitions:

John Maynard Keynes

An economist from Britain whose concepts revolutionized the field of macroeconomics and also altered the economic policy-making of states.

Government Spending

refers to the total expenditure by a government on goods, services, and public projects, including salaries, infrastructure, and welfare programs.

Depression

A major and lasting slump in economic performance, highlighted by a notable reduction in GDP, increased unemployment rates, and persistent deflation.

Rate of Inflation

The percentage increase in the price level of goods and services over a period, typically one year.