All of the following are true except
A)a nonsimultaneous exchange may never qualify as a like-kind exchange.
B)nonrecognition of gains and losses is mandatory if the exchange is a like-kind exchange.
C)a loss may be recognized on non-like-kind property (boot)if the taxpayer transfers the boot in an otherwise like-kind exchange.
D)the holding period of like-kind property received includes the holding period of the property exchanged.

Question

Quizplus · Accepted Answer

A nonsimultaneous exchange can still qualify as a like-kind exchange as long as the requirements are met. A like-kind exchange refers to the exchange of two properties that are of the same nature or character. Nonrecognition of gains and losses is mandatory if the exchange is a like-kind exchange. However, a loss may not be recognized on non-like-kind property (boot) if the taxpayer transfers the boot in an otherwise like-kind exchange. The holding period of like-kind property received includes the holding period of the property exchanged.

All of the Following Are True Except