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Pract exam3 part15 2011 - CHAPTER 15 MULTIPLE CHOICE 1...

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CHAPTER 15 MULTIPLE CHOICE 1. Which of the following statements is correct? a. In a nontaxable exchange in which gain is realized, the transaction results in a permanent recovery of more than the taxpayer’s cost or other basis for tax purposes. b. In a nontaxable exchange in which loss is realized, the transaction results in a permanent recovery of less than the taxpayer’s cost or other basis for tax purposes. c. In a tax-free transaction in which gain is realized, the transaction results in the permanent recovery of more than the taxpayer’s cost or other basis for tax purposes. d. All of the above. e. None of the above. ANS: C Choices a. and b. result in temporary recoveries rather than permanent recoveries. PTS: 1 DIF: 1 REF: p. 15-3 OBJ: 1 NAT: AICPA FN-Measurement | AACSB Analytic MSC: 5 min 2. In order to qualify for like-kind exchange treatment under § 1031, which of the following requirements must be satisfied? a., b., and c. PTS: 1 DIF: 1 REF: p. 15-4 to 15-6 OBJ: 2 NAT: AICPA FN-Reporting | AACSB Analytic MSC: 5 min 3. Which of the following qualify as a like-kind exchange? 15-1
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15-2 2011 Annual Edition/Test Bank PTS: 1 DIF: 1 REF: p. 15-4 | p. 15-5 OBJ: 2 NAT: AICPA FN-Reporting | AACSB Analytic MSC: 5 min 4. Brett owns investment land located in Tucson, Arizona. He exchanges it for other investment land. In which of the following locations may the other investment land be located and enable Brett to qualify for § 1031 like-kind exchange treatment? PTS: 1 DIF: 1 REF: Example 2 OBJ: 2 NAT: AICPA FN-Reporting | AACSB Analytic MSC: 5 min
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