Which of the following qualify as a like-kind exchange?
-An airplane for a duplex apartment.
A)qualifies as a like-kind exchange
B)does not qualify as a like-kind exchange

Question

Quizplus · Accepted Answer

In order to qualify for a like-kind exchange, the properties being exchanged must be of the same nature or character, regardless of their grade or quality. Airplanes and duplex apartments are not considered like-kind properties.

Which of the Following Qualify as a Like-Kind Exchange