Question

Like-kind property is real property held for investment or use in a trade or business exchanged for real property held for investment or use in a trade or business. Taxpayers must defer gain or loss realized on the exchange of like-kind property.True / False.

Answer 1

Answer:

True

Explanation:

Like-kind property is real property held for investment or use in a trade or business exchanged for real property held for investment or use in a trade or business.

However, Taxpayers must defer gain or loss realized on the exchange of like-kind property.