To Be a Nontaxable, Like-Kind Exchange, All of the Following

Multiple Choice

To be a nontaxable, like-kind exchange, all of the following conditions must be met except:

A) fte property must be tangible property.
B) fte exchange must meet the completed transaction requirement (180-day requirement) .
C) fte property must be (un) encumbered by mortgages or other liabilities.
D) fte property must be business or investment property.