Question

Which of the following statements is false? a. The holding period of property received in a...

Which of the following statements is false?

a.

The holding period of property received in a like-kind exchange generally includes (tacks) the holding period of the property given up in the exchange.
b.

A lease cancellation payment received by a lessor is generally treated as an exchange of a capital asset.
c.

Personal use assets do not qualify as "like-kind" and therefore may result in taxable gain if exchanged.
d.

Trade accounts receivable generally are not capital assets.
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