Definitions for "LIKE-KIND PROPERTY"
Related Terms:
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Property having the same nature.
a property of the same nature or character
Any valid property for any other valid property if the property(s) are held for productive use in trade, business or for investment purposes.
Property that is exchangeable with another property. Refers to the nature or character of the property and not to its grade or quality. Limited Liability Company (LLC): Members of Limited Liability companies enjoy the limited liability offered by corporations and the minimum requirements of an S corporation. Limited Liability Companies typically contain two or more members and must file articles of organization with the secretary of state, although single member LLCs are allowed in certain states. [Back to Top of 1031 Exchange Glossary
Business or investment properties that are the same type.
Any real property for any other real property if said property(ies) are held for productive use in trade or business or for investment purposes.
A term used in an exchange of property held for productive use in a trade or business or for investment. Unless cash is received, the tax consequences of the exchange are postponed pursuant to Section 1031 of the Internal Revenue Code.
Similar property.
Real property exchanged for another property if both properties are held for the productive use in trade or business or for investment purposes.
Investment or business land/properties that are considered to be the same type and exchanging them is therefore tax-free.
Items of property with the same nature or character. The grade or quality of the properties does not matter. Examples are two vacant plots of land.
A tax term used in certain real property exchanges. Property must be exchanged for like kind property and the tax consequences postponed pursuant to Section 1031 of the Internal Revenue Code.