Question: Please include IRC Citation. Thanks. 20. A building located in Virginia (used in business) exchanged for a building located in France (used in business) cannot

Please include IRC Citation. Thanks.

20. A building located in Virginia (used in business) exchanged for a building located in France (used in business) cannot qualify for like kind exchange treatment. True b. False IRC Citation: a. C. 21. Kate exchanges land held as an investment for land and a building owned by Clark, to be used in her business. If Clark is Kate's father, her realized gain of $150,000 must be recognized because they are related parties. True b. False IRC Citation: a. C. 4 22. When boot in the form of cash is given in a like-kind exchange, the recognized gain is the lesser of the boot or the realized gain. True b. False IRC Citation: a. C

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