True/False
Terry exchanges real estate (acquired on August 25,2010)held for investment for other real estate to be held for investment on September 1,2016.None of the realized gain of $10,000 is recognized,and Terry's adjusted basis for the new real estate is a carryover basis of $80,000.Consequently,Terry's holding period for the new real estate begins on August 25,2010.
Correct Answer:
Verified
Correct Answer:
Verified
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