Chapter 15 Property Transactions: Nontaxable Exchanges Chapter Introduction Learning Objectives After completing Chapter 15, you should be able to: LO.1Explain the rationale for nonrecognition (postponement) of gain or loss in certain property transactions. LO.2Apply the nonrecognition provisions and basis determination rules for like-kind exchanges. LO.3Explain the nonrecognition provisions available on the involuntary conversion of property. […]