PERSONAL PROPERTY EXCHANGE

Personal property may be exchanged in a delayed exchange or reverse exchange for other like kind or like class personal property.  For Exchanges of tangible personal property, the definition of Like Kind is much more restrictive.  Pursuant to IRC §1031 and the regulations, Like Kind personal property is defined as property which is of a like class. For example:

• A Computer and a Computer Printer are like class because they are in the same General Asset Class.
• A United Airlines 747-SP is like class to a TWA L-1011 because both airplanes are listed in the SIC Manual in Product Class 3721.
• A Road Grader may be exchanged for a Road Scraper without recognition of gain since both are in the same Product Class (SIC Code 3553).

Not sure if your personal property qualifies?  We can help.  Contact Exchange Authority to discuss your specific situation.