28.Robert and his brother, William, exchanged rental properties in April, 2017. William sold the property he received in the exchange on January 1, 2019. What is the consequence to both brothers?

A. William did not meet the holding period. Robert and William must recognize any gain or loss on the exchange.

B. Robert met the holding period and has a nontaxable exchange. William did not meet the holding period and must recognize any gain or loss on the exchange.

C. Robert did not meet the holding period and must recognize any gain or loss on the exchange. William met the holding period and has a nontaxable exchange.

29.To postpone casualty gain, the end of the replacement period is the last day of the tax year that is:

A. Three years after the date of the disaster.

B. Three years after any gain is realized.

C. Four years after the date of the disaster.

D. Four years after any gain is realized

30.If a taxpayer has recognized gain on an exchange of like-kind property held for investment use, where is the gain reported?

A. First on Schedule D, then carried to Form 8824.

B. First on Form 8824, then carried to Schedule D.

C. First on Form 4797, then carried to Form 8824.

D. First on Form 8824, then carried to Form 4797.