Question 51 of 75. 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? Robert and William met the holding period and have a nontaxable exchange O William did not meet the holding period. Robert and William must recognize any gain or loss on the exchange. 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. U Robert did not meet the holding period and must recognize any gain or loss on the exchange. Wiam met the holding perros and has a nontaxable exchange