1. When no unlike property or boot is received, the basis for depreciation of property acquired in a nontaxable exchange is:

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The adjusted basis of the acquired property.

The adjusted basis of the traded property.

The FMV of the acquired property.

The FMV of the traded property.

2.

Within what time frame must the replacement property be identified to qualify a transaction as a like-kind exchange?

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30 days.

45 days.

60 days.

180 days.

3.

Whitley received a Form 1099-DIV reporting $50 in dividends for 2015. She had previously elected to have these dividends reinvested. Which of the following statements regarding the reinvested dividends is true?

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	The dividends are not taxable until the stock is sold.
	The dividends are not taxable in 2015, but they increase her basis in the stock.
	The dividends are taxable on her 2015 return and increase her basis in the stock.
	None of these.