How Long After the Initial Exchange Does a Taxpayer Have

question 30

Multiple Choice

How long after the initial exchange does a taxpayer have to identify replacement property in a like-kind exchange?

• A)The like-kind property to be received must be identified within 45 days.
• B)The like-kind property to be received must be identified by the earlier of 45 days or the last day of the taxpayer's taxable year.
• C)The like-kind property to be received must be identified within 180 days.
• D)There is no deadline for the identification of replacement property.
• E)All of the choices are correct.

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Definitions:

First Amendment

A provision in the United States Constitution that prohibits the government from interfering with freedom of religion, speech, assembly, and the press.

Right To Be Forgotten

The right to have personal information deleted or removed from certain public records or databases, specifically on the internet.

Federal Wiretapping Law

Legislation that regulates the interception of oral, wire, and electronic communications without the consent of at least one party involved.

Reasonable Expectation Of Privacy

A reasonable expectation of privacy is a legal standard that determines in which situations a person can reasonably expect their communications or activities to be protected from government or unauthorized intrusion.