AICPA每日一练之REG【2016-2-7】

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An individual entered into several exchanges during the current tax year. Which of the following exchanges is classified as like-kind?

A. Partnership interest for partnership interest.

B. Common stock for common stock.

C. Apartment building for unimproved land.

D. Manufacturing equipment for factory building.

Answer:C

Choice "c" is correct. Real property exchanged for other real property will be classified as a like-kind exchange (unless the property is in different countries).

Choice "a" is incorrect. Partnership interests are specifically excluded from like-kind exchange classification.

Choice "b" is incorrect. Common stock is specifically excluded from like-kind exchange classification.

Choice "d" is incorrect. Manufacturing equipment is not like-kind to a factory building. The factory building is real property and is only like-kind to other real property.

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