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Like-kind property is real property held for investment or use in a trade or business exchanged for real property held for investment or use in a trade or business. Taxpayers must defer gain or loss realized on the exchange of like-kind property.True / False.

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Answer:

True

Step-by-step explanation:

Like-kind property is real property held for investment or use in a trade or business exchanged for real property held for investment or use in a trade or business.

However, Taxpayers must defer gain or loss realized on the exchange of like-kind property.

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