1. In like-kind exchanges:

1) transaction costs may be considered as a reduction in the proceeds from the old property and a reduction in the realized gain.

2) transaction costs may be considered an increase in the purchase price of the acquired property and a reduction in the realized gain.

3) transaction costs may be considered an increase in the purchase price of the acquired property and an increase in the realized gain.

4) both 1 and 2.

2. When a property is located in a registered historic district:

1) it is automatically considered a certified historic structure.

2) it is not necessarily considered a certified historic structure.

3) it is up to the property owner to decide if the property is of historic significance.

4) none of the above.