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Unformatted text preview: recognized gain). ____ 4. If boot is received in a 1031 like-kind exchange that results in some of the realized gain being recognized, the holding period for both the like-kind property and the boot received begins on the date of the exchange. ____ 5. Taxpayer owns a home in Atlanta. His company transfers him to Chicago on January 2, 2010, and he sells the Atlanta house in early February. He purchases a residence in Chicago on February 3, 2010. On December 15, 2010, taxpayers company transfers him to Los Angeles. In January 2011, he sells the Chicago residence and purchases a residence in Los Angeles. Because multiple sales have occurred within a two-year period, 121 treatment does not apply to the sale of the second home....
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- Fall '08