Rationale for Nonrecognition Includes Which of the Following

Multiple Choice

Rationale for nonrecognition includes which of the following?
I.A refinement of the realization concept, which postpones recognition of appreciation in value until the taxpayer disposes of a property, or its replacement.
II.Under the Substance-over-form doctrine, new property acquired in a transaction is viewed as a continuation of the original investment.
III.The taxpayer lacks wherewithal to pay the tax on a realized gain because the amount realized on the transaction is reinvested in the replacement asset.
​

A) Only II is correct.
B) Only I is correct.
C) II and III are correct.
D) I, II, and III are correct.
E) Only III is correct.