Concepts in Federal Taxation 2019 (with Intuit ProConnect Tax Online 2017 and RIA Checkpoint 1 term (6 months) Printed Access Card)
26th Edition
ISBN: 9781337702621
Author: Kevin E. Murphy, Mark Higgins
Publisher: Cengage Learning
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Question
Chapter 12, Problem 19P
To determine
Which of the following property transfers is a like-kind exchange?
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Which of the following are not exchanges of like-kind property?
Group of answer choices
a. Warehouse in Los Angeles for an office building in San Diego.
b. Computer used in a business for a delivery truck to be used in a business.
c. Stock in IBM for stock in Exxon Mobil.
d. Only b. and c. are not.
Which of the following is true of the like-kind exchange rules under Code Section 1031?
They apply to gains and losses.
They apply to exchanges of personal use property.
They apply to exchanges of US investment realty for foreign investment realty.
They apply to exchanges of business personal property.
What is an example of a like-kind exchange?
Exchange of a computer server for two personal computers by a
computer store
Exchange of an investment of stock for bonds of the same corporation
by an individual
Exchange of a mountain home for an uptown condominium, both held
for investment by an individual
Exchange of a computer server for two personal computers by an
individual
Chapter 12 Solutions
Concepts in Federal Taxation 2019 (with Intuit ProConnect Tax Online 2017 and RIA Checkpoint 1 term (6 months) Printed Access Card)
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