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    Like-Kind Recognizing Gains

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    If there is a like-kind exchange of property between related parties, how long do they have to wait to dispose of the property received in order to avoid having to recognize any gain on the exchange?

    A. 6 months
    B. 1 year
    C. 2 years
    D. no waiting period

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    Solution Summary

    This solution explains how long parties have to wait to dispose of property that is part of a like-kind exchange to avoid recognizing gain on the exchange. The applicable IRS tax code is also referenced.