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1) A taxpayer exchanges an office building held as an investment asset for an office...

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Accounting

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1) A taxpayer exchanges an office building held as an investment asset for an office building to be used in her business. The exchange will qualify as like-kind. True of False 2) Real property exchanged for personal property, both held for productive use in a business, qualifies as a like- kind exchange. TRUE OR FALSE 4) An investor exchanges an office building located in Niagara Falls, NY for an office building located in Niagara Falls, Ontario (Canada). The exchange does not qualify as like-kind. TRUE OR FALSE. 5) A loss on the sale of a taxpayer's personal residence is deductible if the taxpayer owned and lived in the home for two of five years. TRUE OR FALSE

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