Exchanges treated under federal income tax laws

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Reference no: EM13141958

Briefly explain and discuss the following:

a. How is the assumption of liability by transferee from property given by transferor treated by the transferor in a like-kind exchange. Also explain whether the Transferor assumes liability on property received.

b. What requirements must be met for property to qualify for like-kind exchange treatment?

c. How are like-kind exchanges treated under the federal income tax laws?

Reference no: EM13141958

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