Multiple Choice
A owns a ranch in Wyoming,which B offers to purchase.A is not willing to sell the ranch but is willing to exchange the ranch for an apartment complex in Louisiana.The complex is available for sale.B purchases the apartment complex in Louisiana from C and transfers it to A in exchange for A's ranch.The ranch and the complex each have a $1,000,000 fair market value.Which of the following is true?
A) The transaction qualifies as a like-kind exchange for B but not for A.
B) The transaction qualifies as a like-kind exchange for both B and A.
C) The transaction qualifies as a like-kind exchange for A but not for B.
D) The transaction does not qualify as a like-kind exchange for either B or A.
Correct Answer:
Verified
Correct Answer:
Verified
Q69: A sole proprietor exchanges an office building
Q70: If the threat of condemnation exists and
Q71: Kuda owns a parcel of land she
Q72: Which of the following is not an
Q73: Ron's building,which was used in his business,was
Q75: Hannah,a single taxpayer,sold her primary residence on
Q76: Which of the following statements is not
Q77: Bobbie exchanges farmland (adjusted basis $160,000)for other
Q78: The basis of non-like-kind property received in
Q79: Dean exchanges a business storage facility with