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<p>[QUOTE=&quot;imrich, post: 8502856, member: 22331&quot;]Like-kind exchange rules are seemingly often being altered, but generally not as I believe you understand, being possibly as I hypothesized.</p><p><br /></p><p>General statutes: Treas. Reg. § 1.1031(a)-1(b) defines “like kind” to mean the nature or character of the property and not the grade or quality. One kind or class of property may not be exchanged for property of a different kind or class. For example, an investor who exchanged gold bullion for silver bullion was required to recognize gain in part because silver is primarily used as an industrial commodity while gold is primarily used as an investment. Rev. Rul. 82-166. Similarly, an investor who exchanged one kind of gold coin for another kind of gold coin was required to recognize a gain because one coin’s value was derived from its collectability while the other’s value was derived from its metal content. Rev. Rul. 79-143.</p><p><br /></p><p>It has been an interesting discussion, of which generally, the government determines the maximum &quot;bottom line&quot;.</p><p><br /></p><p>We both could be under/mis/informed!</p><p><br /></p><p>JMHO[/QUOTE]</p><p><br /></p>

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