Which of the following qualify as a like-kind exchange?
-Personal residence for an apartment building.
A)qualifies as a like-kind exchange
B)does not qualify as a like-kind exchange

Question

Quizplus · Accepted Answer

A like-kind exchange involves the exchange of real property used for business or investment purposes for another property of like kind. A personal residence does not qualify for a like-kind exchange because it is not used for business or investment purposes.

Which of the Following Qualify as a Like-Kind Exchange