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Which of the following is not true of a like-kind exchange? a. The property being exchanged must be used in a trade or business or
Which of the following is not true of a like-kind exchange?
a.
The property being exchanged must be used in a trade or business or held for investment.
b.
Boot includes relief of liabilities.
c.
The date of the exchange starts a new holding period for the acquired asset.
d.
Gain recognized usually varies widely from gain realized.
e.
Cash may be part of the like-kind exchange.
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