How long after the initial exchange does a taxpayer have to identify replacement property in a like-kind exchange?
A)The like-kind property to be received must be identified within 45 days.
B)The like-kind property to be received must be identified by the earlier of 45 days or the last day of the taxpayer's taxable year.
C)The like-kind property to be received must be identified within 180 days.
D)There is no deadline for the identification of replacement property.
E)All of the choices are correct.

Question

Quizplus · Accepted Answer

According to the rules of a like-kind exchange, the taxpayer must identify the replacement property within 45 days after the initial exchange. Therefore, choice A is the best choice. Choices B, C, D, and E are incorrect because they provide alternative timelines that do not match the actual rule.

How Long After the Initial Exchange Does a Taxpayer Have