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T/F 10. An exchange of an office building for a farm is not considered to...

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Accounting

T/F

10. An exchange of an office building for a farm is not considered to be a like-kind exchange.

11. If each party assumes a liability of the other party, only the net liability given or received is treated as boot.

12. The holding period of the like-kind property given up carries over to the holding period of the like-kind property received.

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