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Which is true regarding a like-kind exchange? Group of answer choices A taxpayer must elect for the like-kind provisions to apply. Transactions that involve non-like-kind

Which is true regarding a like-kind exchange?

Group of answer choices

A taxpayer must elect for the like-kind provisions to apply.

Transactions that involve non-like-kind property are disqualified from like-kind exchange treatment.

The non-recognition rule for like-kind exchanges is mandatory.

Personal-use assets qualify

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