Which one of the following is not a requirement of a deferred like-kind exchange?
A)The like-kind property to be received must be identified within 45 days.
B)The exchange must be completed within the taxable year.
C)The like-kind property must be received within 180 days.
D)The exchanged property must be like-kind.
E)All of the choices are correct.

Question

Quizplus · Accepted Answer

The requirement that the exchange must be completed within the taxable year is incorrect. A deferred like-kind exchange allows for the exchange to take place over a period of time, with the replacement property being received within 180 days after the relinquished property is transferred.

Which One of the Following Is Not a Requirement of a Deferred