What code section governs like-kind exchanges? a. 1033 b. 121 c. 1231 d. 1031 Which of these trades is a valid like-kind exchange (aka it involves like-kind properly)? a. Land for a Rental House b. 100 lbs of Iron for 100 lbs of Aluminum c. A computer for 10 shares of Google stock d. Texas Land for a German farm e. None of the above is a valid like-kind exchange? How many days after you relinquish your property do you have to acquire the title of like-kind property in a like-kind exchange? a. It must be instant b. 180 days c. 45 days d. 30 days Vickie exchanges business equipment with a $60,000 adjusted basis for $15,000 cash and a piece of business equipment with a $50,000 fair market value. What is the value of boot received? a. $15,000 b. $50,000 c. $65,000 d. $45,000 e. $5,000 What is the amount of gain (loss) recognized for Vickie's transaction? a. $45,000 b. $15,000 c. $5,000 d. $0 e. ($10,000) You own a business that sells used cars. You have a friend in the same business. He wants Grade a car on his lot for a truck in your inventory. You have too many trucks at the time agree to this deal. Your truck is worth $5,000 and you bought it for $3, 500. The car you worth $4, 800. What is your gain or loss? a. $1, 500 gain b. $200 loss c. $1, 300 gain d. $0 as it's a like-kind exchange