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| | Like-Kind Exchanges - Real Estate Tax Tips |
 | | Generally, if you exchange business or investment property solely for business or investment property of a like-kind, no gain or loss is recognized under Internal Revenue Code Section 1031. |
 | | If, as part of the exchange, you also receive other (not like-kind) property or money, gain is recognized to the extent of the other property and money received, but a loss is not recognized. |
 | | Section 1031 does not apply to exchanges of inventory, stocks, bonds, notes, other securities or evidence of indebtedness, or certain other assets. |
| www.irs.gov /businesses/small/industries/article/0,,id=98491,00.html (274 words) |
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