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Which is not true of a like-kind exchange

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Reference no: EM132668496

Problem 1: Which of the following is not true of a like-kind exchange?

a. The property being exchanged must be used in a trade or business or held for investment.

b. Boot includes relief of liabilities.

c. The date of the exchange starts a new holding period for the acquired asset.

d. Gain recognized usually varies widely from gain realized.

e. Cash may be part of the like-kind exchange.

Reference no: EM132668496

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