Task:
For a transaction as a like kind exchange the property must received by the earlier of the due date including extension of the return for the year in which the transfer of the property being exchange occurred or by what day after the property given up in the exchange is transferred.
A. 30 days after the transfer
B. 60 days after the transfer
C. 45 days after the transfer
D. 180 days after the transfer
When no unlike property or boot is received, the basis for depreciation of property acquired in a nontaxable exchange is
A. The adjusted basis of the acquired property
B. The adjusted basis of the trade property
C. The FMV of the acquired property
D. The FMV of the trade property