tax quiz 11 - If a single taxpayer eligible for the...

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If a single taxpayer eligible for the exclusion for sale of residence marries someone who has used the exclusion within two years before the marriage, that individual may still use the $250,000 exclusion. Answer: True False The individual may still use the exclusion. Correct Marks for this submission: 1/1. Question 2 Marks: 1 The exchange of land for an office building qualifies as like kind property, but the exchange of a vacant lot for a warehouse would not. Answer: True False Since the exchange of any business or investment realty for other business or investment realty qualifies as a like-kind exchange, both of these would qualify. Correct Marks for this submission: 1/1. Question 3 Marks: 1 If an exchange of property involves the assumption of a liability by the transferee it is treated like boot received by the transferee. Answer: True False The transferor will recognize gain under the same rules as in a boot received situation. (It is as if the transferor received cash and then paid off the liability.)
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tax quiz 11 - If a single taxpayer eligible for the...

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