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Question

An individual who owns a 20 unit apartment wants to exchange his property and avoid paying any income tax at this time.  In order to defer any gain he could trade the apartment:

Select your Answer

  1. For another apartment and receive boot

  2. For a residence with an existing loan equal to the loan on the apartment and take no boot.

  3. For another apartment and assume a much larger loan and pay boot

  4. For another apartment of equal value and assume a smaller existing loan.