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 66

{Research} Longhaul Trucking traded two small trucks (each had a 10,000-pound gross weight) for one large truck (18,000-pound gross weight).Do the trucks qualify as like-kind property to Longhaul ( Hint : because the trucks are tangible personal property they must be the same asset class to be like-kind assets.Use Rev.Proc.87-56 to determine the asset classes for the trucks.