All of the following are true except:
A)A nonsimultaneous exchange may never qualify as a like-kind exchange.
B)Nonrecognition of gains and losses is mandatory if the exchange is a like-kind exchange.
C)A loss may be recognized on non-like-kind property (boot)if the taxpayer transfers the boot in an otherwise like-kind exchange.
D)The holding period of like-kind property received includes the holding period of the property exchanged.

Question

Quizplus · Accepted Answer

This statement is false. A nonsimultaneous exchange, also known as a deferred exchange, can qualify as a like-kind exchange if it meets certain requirements under Section 1031 of the Internal Revenue Code.

All of the Following Are True Except