To have a tax-deferred delayed exchange, which of the following is required?
a. The exchange property must be identified within 45 days after the taxpayer relinquishes his property.
b. The sale must be completed within 180 days after the taxpayer relinquishes his property.
c. Both of these.
d. Neither of these.
Answer: c. Both of these.
Business
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A promise to give money in exchange for something that has already been done is binding
a. true b. false
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