Discussion Question $15-1($LO$.1)$

Complete the statement below in response to the question: $"$In most nontaxable exchanges, is the nonrecognition of the realized gain or loss temporary or permanent?"

In most nontaxable exchanges, the nonrecognition of the realized gain or loss is $.$ The recognition is

$$ the property received in the nontaxable exchange is subsequently. $$ of in a taxable transaction. This is accomplished by assigning a $$ to the replacement property.