Which of the following is true of a like-kind exchange:

Question

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To qualify as a like-kind exchange, the properties exchanged must be of the same nature or character, and cannot be personal residences. A new holding period for capital gains treatment does not start on the day of the exchange. While cash is typically not exchanged, some amount of cash or other non-like-kind property may be included as part of the transaction under certain conditions. However, personal residences do not satisfy the requirements of a like-kind exchange. Trading office furniture for computers would also not qualify as a like-kind exchange because the properties are of a different nature or character.

Which of the Following Is True of a Like-Kind Exchange