Which of the following is correct?
A)The deferral of realized gain on a § 1031 like-kind exchange is mandatory.
B)The deferral of realized gain on a direct (into qualified property) § 1033 involuntary conversion is mandatory.
C)The taxpayer can elect to forgo the exclusion of realized gain on a § 121 sale of residence.
D)Only b.and c.are correct.
E)a., b., and c.are correct.

Question

Quizplus · Accepted Answer

The deferral of realized gain on a § 1031 like-kind exchange is mandatory, the deferral on a § 1033 involuntary conversion is mandatory, and the taxpayer can elect to forgo the exclusion of realized gain on a § 121 sale of residence.

Which of the Following Is Correct