§1031—Tax Deferred Exchanges of Like-Kind Property
Remember your childhood when you traded one baseball card for another? That was OK, but if you traded your bicycle for a baseball card there were consequences? This experience is similar to how the IRS treats like-kind exchanges, except now your trade is brokered by lawyers, C.P.A.s and intermediaries. For more information on Section 1031 like-kind exchanges, read this C.P.A. Insight.