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Exam 11: Property Dispositions

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Question 61

Multiple Choice

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How long after the initial exchange does a taxpayer have to identify replacement property in a like-kind exchange?

A) The like-kind property to be received must be identified within 45 days.
B) The like-kind property to be received must be identified by the earlier of 45 days or the last day of the taxpayer's taxable year.
C) The like-kind property to be received must be identified within 180 days.
D) There is no deadline for the identification of replacement property.
E) All of the choices are correct.

F) B) and D)
G) D) and E)

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Question 62

True/False

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For a like-kind exchange,realized gain is deferred if the exchange is solely for like-kind property.

A) True
B) False

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Question 63

Multiple Choice

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The sale of machinery at a loss that was used in a trade or business and held for more than one year results in the following type of loss?

The gain or loss realized on the sale of an asset is always recognized for tax purposes.

Which of the following sections recaptures or recharacterizes only corporate taxpayer's gains?

Unrecaptured §1250 gains apply only to individuals.

Which of the following results in an ordinary gain or loss?

A simultaneous exchange must take place for a transaction to qualify as a like-kind exchange.

Collins Corporation,of Camden,Maine,wants to exchange its manufacturing equipment for Rockland Company's equipment.Both parties agree that Collins's machinery is worth $200,000 and that Rockland's machinery is worth $175,000.Collins will not enter into the transaction unless it qualifies as a like-kind exchange.If Collins wants to avoid gain,what could the parties do to equalize the value exchanged but still allow the exchange to qualify as a like-kind exchange?

Which of the following is true regarding depreciation recapture?