Commonalties of Nonrecognition Transactions Include That

Multiple Choice

Commonalties of nonrecognition transactions include that
I.gains on all transactions must be recognized when the taxpayer has the wherewithal-to-pay.
II.tax attributes carryover from the original asset to the replacement asset.
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A) Only statement I is correct.
B) Only statement II is correct.
C) Both statements are correct.
D) Neither statement is correct.