14. Which of the following exchanges is a qualifying exchange under Sec. 1031? a. Inventory for business equipment. b. Texas motel for Italy motel. c. Investment office building for business airplane. d. Business motel for investment apartment complex. e. None of the answers given is correct. 15. Which of the following statements is not true? a. Losses are recognized in involuntary conversions but are not recognized in like-kind exchanges. b. To defer the entire gain in an involuntary conversion, the taxpayer must reinvest the entire amount of the converted property's adjusted basis in qualifying property. c. The time period for replacement of real property which is condemned is three years after the end of the tax year in which any proceeds are received. d. Severance damages reduce the basis of retained property with any amount received in excess of the property's basis treated as gain. e. None of the answers provided is correct