Which of the Following Exchanges of Property Are Like-Kind Exchanges

Multiple Choice

Which of the following exchanges of property are like-kind exchanges?
I.Convenience store owner trades several cases of potato chips for a cash register.
II.A completely rented apartment building traded for a parts supply warehouse to use in business.
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A) Only statement I is correct.
B) Only statement II is correct.
C) Both statements are correct.
D) Neither statement is correct.