A business airplane exchanged for a fleet of trucks, all used for the delivery of manufactured goods, is a qualifying like-kind exchange.

Name: A business airplane exchanged for a fleet of trucks, all used for the delivery of manufactured goods, is a qualifying like-kind exchange.
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Question

Quizplus · Accepted Answer

A like-kind exchange requires that the exchanged properties be of the same nature or character, such as real estate for real estate. A business airplane and a fleet of trucks do not qualify as like-kind property.

A Business Airplane Exchanged for a Fleet of Trucks, All