19. Which of the following transfers meet the exchangerequirements for deferral under like-kind exchange provisions?
a. Bonita sells her rental condominium in Park City and uses theproceeds as a down payment to buy a rental condominium inBreckenridge.
b. Enrique Corporation sells its old pasta machine to AngeloDistributing Company and after shopping around for a few days,purchases a new Angelo Model 5 Pasta Machine from AngeloDistributing Company.
c. Habit Partnership trades 3 of its delivery vans to Cal's Carsand Trucks for 2 new delivery vans.
d. Louise owns an apartmens building in Milwaukee, which Rebeccaoffers to purchase. Louise is willing to part wih the property butdoes not want to recognize the substantial gain on the sale. She iswilling to exchange he apartment for a lakefront resort lodge inMinnesota. Rebecca finds such a property and buys it from Ole. ThenRebecca exchanges the lodge for Louise's apartmen building.
e. Phong sells his drill press to Cower Company and purchases anew drill press from Tomzack Manufacturing Corporaion wih theproceeds from the sale.
20. Which of the following exchanges of property are like-kindexchanges?
a. Land traded for an airplane.
b. A warehouse used in a trade or business exchanged for land tobeused as a personal residence.
c. Land in Greece held as an investment for a hotel in Rome.
d. A personal use computer for a business computer.
e. Business machines traded by Marcus and Travis. Marcus willuse his new machine in his business. Travis uses his old machineand the machine from Marcus for personal use.
19. Which of the following transfers meet the exchangerequirements for deferral under like-kind exchange provisions?
a. Bonita sells her rental condominium in Park City and uses theproceeds as a down payment to buy a rental condominium inBreckenridge.
b. Enrique Corporation sells its old pasta machine to AngeloDistributing Company and after shopping around for a few days,purchases a new Angelo Model 5 Pasta Machine from AngeloDistributing Company.
c. Habit Partnership trades 3 of its delivery vans to Cal's Carsand Trucks for 2 new delivery vans.
d. Louise owns an apartmens building in Milwaukee, which Rebeccaoffers to purchase. Louise is willing to part wih the property butdoes not want to recognize the substantial gain on the sale. She iswilling to exchange he apartment for a lakefront resort lodge inMinnesota. Rebecca finds such a property and buys it from Ole. ThenRebecca exchanges the lodge for Louise's apartmen building.
e. Phong sells his drill press to Cower Company and purchases anew drill press from Tomzack Manufacturing Corporaion wih theproceeds from the sale.
20. Which of the following exchanges of property are like-kindexchanges?
a. Land traded for an airplane.
b. A warehouse used in a trade or business exchanged for land tobeused as a personal residence.
c. Land in Greece held as an investment for a hotel in Rome.
d. A personal use computer for a business computer.
e. Business machines traded by Marcus and Travis. Marcus willuse his new machine in his business. Travis uses his old machineand the machine from Marcus for personal use.
