All of the Following Are True Except

Multiple Choice

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.