To be a nontaxable, like-kind exchange, all of the following conditions must be met except:
A) fte property must be tangible property.
B) fte exchange must meet the completed transaction requirement (180-day requirement).
C) fte property must be (un)encumbered by mortgages or other liabilities.
D) fte property must be business or investment property.

Question

Quizplus · Accepted Answer

the re is no need to have mortgages or liabilities involved in order for a transaction to be a nontaxable, like-kind exchange
 the property, however, must be tangible property, must be business or investment property, and must meet the 180-day requirement.

To Be a Nontaxable, Like-Kind Exchange, All of the Following