Question

Classify the following exchanges as "Qualifying" or "Not Qualifying" as a like-kind exchange under § 1031. Qualifies / Not Qualifying a. Improved for unimproved real estate b. Rental house for personal residence c. Business land for rental house (held for investment) d. Warehouse for office building (both used for business) e. Truck for computer (both used in business) f. Rental house for land (both held for investment) g. Office furniture for office equipment (both used in business) h. Unimproved land in Jackson, Mississippi, for unimproved land in Toledo, Spain i. General partnership interest for a general partnership interest

Answer 1

Answer:

a. Improved for unimproved real estate

Classification: Qualifying

b. Rental house for personal residence

Classification: Not Qualifying

c. Business land for rental house (held for investment)

Classification: Qualifying

d. Warehouse for office building (both used for business)

Classification: Qualifying

e. Truck for computer (both used in business)

Classification: Not Qualifying

f. Rental house for land (both held for investment)

Classification: Qualifying

g. Office furniture for office equipment (both used in business)

Classification: Not Qualifying

h. Unimproved land in Jackson, Mississippi, for unimproved land in Toledo, Spain

Classification: Not Qualifying

i. General partnership interest for a general partnership interest

Classification: Not Qualifying