LIKE-KIND EXCHANGE

LIKE-KIND EXCHANGE

like-kind exchange. An exchange of trade, business, or investment property (except inventory or securities) for property of the same kind, class, or character. ? Such an exchange is not taxable unless cash or other property is received. See IRC (26 USCA) ¡ì 1031. [Cases: Internal Revenue 3184. C.J.S. Internal Revenue ¡ì¡ì 120¨C121, 124.]
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