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Like-Kind Property
Generally, if you exchange business or investment property
solely for business or investment property of a like-kind, no gain or loss is
recognized under Internal Revenue Code Section 1031. If, as part of the
exchange, you also receive other (not like-kind) property or money, gain is
recognized to the extent of the other property and money received, but a loss is
not recognized.
Section 1031 does not apply to exchanges of inventory, stocks, bonds, notes,
other securities or evidence of indebtedness, or certain other assets.
Properties are of like-kind, if they are of the same nature or character, even
if they differ in grade or quality. Personal properties of a like class are
like-kind properties. However, livestock of different sexes are not like-kind
properties. Also, personal property used predominantly in the United States and
personal property used predominantly outside the United States are not like-kind
properties.
Real properties generally are of like-kind, regardless of whether the properties
are improved or unimproved. However, real property in the United States and real
property outside the United States are not like-kind properties.
      
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