Which of the following statements about nontaxable exchanges is true? multiple choice
a. the...
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Which of the following statements about nontaxable exchanges is true? multiple choice
a. the parties to the exchange both realize gain on the exchange.
b. any gain realized on the exchange is not included in financial statement income.
c. the parties to the exchange agree that the properties exchanged are of equal value.
d .no cash can change hands in a nontaxable exchange.
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