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All of the following statements about like kind exchanges are true, except one. Which statement is NOT TRUE? The requirements for exchanging real property are
All of the following statements about like kind exchanges are true, except one. Which statement is NOT TRUE?
The requirements for exchanging real property are less restrictive than exchanging personal property | ||
Only property used in a trade or business or property held for investment qualifies for like kind exchange treatment, | ||
The amount of gain recognized is the greater of the gain realized or boot received | ||
Losses on like kind exchanges are never recognized, even when boot is received |
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