1) A taxpayer exchanges an office building held as an investment asset for an office building to be used in her business. The exchange will qualify as like-kind. True of False

2) Real property exchanged for personal property, both held for productive use in a business, qualifies as a like-kind exchange. TRUE OR FALSE

4) An investor exchanges an office building located in Niagara Falls, NY for an office building located in Niagara Falls, Ontario (Canada). The exchange does not qualify as like-kind. TRUE OR FALSE.

5) A loss on the sale of a taxpayer's personal residence is deductible if the taxpayer owned and lived in the home for two of five years. TRUE OR FALSE

6) In order for the gain on the sale of a personal residence to be excluded under Section 121, a replacement residence must be purchased within two years. TRUE OR FALSE

7) The taxpayer must be occupying the residence at the time of the sale in order for Sec. 121 to apply. TRUE OR FALSE

8) If a taxpayer owns more than one home, she can designate the home that will be considered her principal residence for purposes of the Sec. 121 exclusion.TRUE OR FALSE