Qualify for like-kind exchange treatment

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Reference no: EM13129163

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

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

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

Reference no: EM13129163

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