like-kind property
- Property of the same nature or character, even if not of the same grade or quality, often relevant in a 1031 exchange
- The investor opted for a 1031 exchange and bought a like-kind property to defer taxes.
- The warehouse and the office building were considered like-kind property because both were commercial real estate.
- Under section 1031 of the Internal Revenue Code, you can exchange one like-kind property for another without any tax consequences.
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