Complete the statements below regarding the distinction between a loss that is not recognized on a nontaxable exchange and a loss that is not recognized on the sale or exchange of a personal use asset.

A loss that is not recognized on a nontaxable exchange is

postponeddisalloweddetermined case-by-casepostponed

. This results in

permanenta temporarysometimes a temporary

recovery of

an amount equal toless thanmore thanan amount equal to

the taxpayer's basis for the property.

A loss that is not recognized on the sale or exchange of a personal use asset is

deferreddisalloweddetermined case-by-case

. This results in

a permanenta temporary

recovery of

an amount equal toless thanmore than

the taxpayer's basis for the property.