Which one of the following qualifies as a like-kind exchange?
A) A chicken held by a farmer exchanged for medical services.
B) A home owned and lived in by a taxpayer exchanged for a new personal residence.
C) IBM stock exchanged for Exxon stock.
D) A Dodge Ram pickup truck used in business traded in for a new Ford 250 pickup truck also intended for business use.
E) None of the above are like-kind property.
Correct Answer:
Verified
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