What is Like-Kind Property?
Meaning of Like-Kind Property: The term "similar assets" refers to two properties of the same type, regardless of category or nature, which are tax-exempt. The Internal Revenue Code (IRC) defines property under section 1031 as property held for investment, commercial or business purposes and exchanges under 1031. This means that the two properties involved in the exchange are a business or require mandatory investment. Therefore, a private apartment is not considered a similar property.
- Under Article 1031 of the Tax Code, exchanges can be made without any tax liability.
- Property should be for commercial or investment purposes, but not necessarily uniform in quality or standard.
- Central Residence 1031 is not eligible for exchange.
- Property must be immovable, owned by the United States
Literal Meanings of Like-Kind Property
Meanings of Like:
Has the same features or similar features.
Used to draw attention to the nature of an action or event.
As an example.
It is used in connection with something else.
(A person or thing) that has the same characteristics or characteristics as other people or things.
It is used as a nonsense in speech or indicates the speaker's uncertainty about punishment.
Used to convey one's feelings or emotions directly in the form of speech (regardless of its actual date or not)
On the road
Find it comfortable, pleasant, or satisfying.
Desire of desire
Things we like or dislike.
Sentences of Like
They are like brothers
I'm sorry to come here all of a sudden
Take a look at works like Animal Farm and 1984
An appointment can be made to determine this
I answered in the same way
People who move countries
I feel like I've run away from a camel
People who don't like reading books
I would like a cup of coffee
Different likes, dislikes, likes and income levels
Synonyms of Like
comparable, similar, look on with favour, parallel, think well of, for instance, have regard for, not unlike, more or less the same, be fond of, admire, of a kind, as, identical to, respect, corresponding, in particular, correspondent, equivalent, have a fondness for, viz., approximating, such as, related, analogous, esteem, be attached to, namely
Meanings of Kind:
A group of people or a group of things with similar characteristics.
Show or display a friendly, generous and caring character.
Sentences of Kind
All types of music
She is a good and kind woman
Synonyms of Kind
variety, gentle, mild, kind-hearted, tender, class, mellow, warm, category, type, caring, warm-hearted, sort, kindly, affectionate, good-hearted, tender-hearted, genre, soft-hearted, good-natured, style, form, feeling, loving
Meanings of Property:
Something or things that are collectively owned by someone.
An attribute, quality, or feature of something.
Sentences of Property
He wants to get Oliver and his belongings out of his house
Heat properties to evenly increase the metal
Synonyms of Property
power, chattels, trait, hallmark, feature, things, personal effects, mark, movables, characteristic, effects, stuff, attribute, quality, belongings, possessions, goods, worldly goods