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Personal property held for the production of income or in a business can be exchanged for like kind property.
Personal property can only be exchanged for like kind personal
property; a car for car, a bulldozer for a bulldozer. Personal property cannot be exchanged for real property.
Revenue Procedure 87-56, 1987-2 CB 674 defines thirteen general asset classes for like kind tangible personal property exchanges. The asset classes include farm, construction and timber machinery, light and heavy duty trucks, buses, automobiles, airplanes, helicopters, railroad cars, locomotives, tractors, trailers, barges, tugs, furniture, information systems, copiers, industrial steam and electric generators.
Additional personal property held in the production include:
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- Trades of major league sports contracts;
- Noncurrency bullion type gold coins;
- Patents;
- Trademarks and trade names;
- Designs and drawings;
- Software;
- Trade secrets and know-how.
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Andrew W. Gustafson,
CES®
Managing Member
Atlas 1031 Exchange, LLC
Toll Free: 866.521.1031 | EFax: 850.201.6911
Dallas: 214.523.9067 | Destin: 850.837.1031 |
Houston: 713.821.1776
Email: andgus@atlas1031.com
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Atlas 1031 Exchange, LLC is a Qualified Intermediary and does
not provide advice regarding specific tax consequences of IRC 1031 tax
deferred exchanges. Investors are encouraged to seek the
counsel of their attorney and accountant.
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Atlas 1031 Exchange, LLC. All rights reserved. Site designed by VTD, Inc.
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