Question: Which is true regarding a Like-Kind Exchange? (Points : 5) The non-recognition provision is mandatory A taxpayer must elect for the like-kind provisions to apply.

Which is true regarding a Like-Kind Exchange? (Points : 5)

The non-recognition provision is mandatory

A taxpayer must elect for the like-kind provisions to apply.

A transaction disqualifies if there is non-like-kind property involved.

Personal-use and Business-use assets qualify.

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