U.S.CPA練習(xí)題精選：REG 37

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In a "like-kind" exchange of an investment asset for a similar asset that will also be held as an investment, no taxable gain or loss will be recognized on the transaction if both assets consist of:

a.Convertible debentures.

b.Convertible preferred stock.

c.Rental real estate located in different states.

d.Partnership interests.

答案：C

Explanation

Choice "c" is correct. No taxable gain or loss will be recognized on a like-kind exchange if both assets are tangible property. Rental real estate located in different states qualifies for a like-kind exchange.

Choices "a", "b", and "d" are incorrect. In order to meet the "like-kind exchange" requirements for nonrecognition of gain or loss, the property exchanged must be tangible property. Convertible debentures, convertible preferred stock, and partnership interests are not considered tangible property.

Exception: If the same class of stock of the same corporation is exchanged, it will qualify for "substituted basis."

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