POptions: 1. the nonrecognition of the realized gain or loss is ______ permanent/temporary.

2.The recognition is _____ deferred until/ recognized before

3. ...is subsequently _____ reacquired/ disposed/ improved

4. carryover basis/ fair market value basis/ stepped-up basis

Discussion Question 15-1 (LO. 1) Complete the following statement below in response to the question: "In most nontaxable exchanges, is the nonrecognition of the realized gain or loss temporary or permanent?" In most nontaxable exchanges, the nonrecognition of the realized gain or loss is The recognition is the property received in the nontaxable exchange is subsequently of in a taxable transaction. This is accomplished by assigning a to the replacement property