McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

Exercise 56

Independence Corporation needs to replace some of the assets used in its trade or business and is contemplating the following exchanges: Determine whether each exchange qualifies as a like-kind exchange.Also explain the rationale for why each qualifies or does not qualify as a like-kind exchange.