Reiter Inc.exchanged an old forklift for new office furniture.This like-kind exchange is nontaxable.

Name: Reiter Inc.exchanged an old forklift for new office furniture.This like-kind exchange is nontaxable.
Brand: Quizplus
Rating: 4.9 (49 reviews)

Question

Quizplus · Accepted Answer

A like-kind exchange only applies to certain types of property, such as real estate, and does not apply to personal property like office furniture and forklifts. Therefore, the exchange would be taxable.