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T/F 13. Losses are not recognized in like-kind exchanges but are recognized in involuntary conversions....

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Accounting

T/F

13. Losses are not recognized in like-kind exchanges but are recognized in involuntary conversions.

14. Amounts received as severance damages reduce the basis of the retained property and any amount received in excess of the property's basis is treated as gain.

15. The functional use test is the most liberal test to determine replacement property in an involuntary conversion.

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