Which of the following statements with respect to a like-kind exchange is false?
A)Property of one class must be exchanged for property of the same class.
B)An exchange of inventory does not qualify as a like-kind exchange.
C)Personal property must be exchanged for personal property.
D)A sale of property and subsequent purchase of like-kind property will always qualify as a like-kind exchange.

Question

Quizplus · Accepted Answer

D)Sale of property and subsequent purchase of like-kind property only qualifies if the two transactions are interdependent.

Which of the Following Statements with Respect to a Like-Kind