Like-kind exchange for stock trades?

Mar 17, 2007 1 Replies

I received a tax return where stock trades were put in as like-kind exchanges last year. {About 1.2 million $) Everything I read says that stocks are not allowed. Will someone elaborate on this or give me guidance on this possibility.




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Section 1031(a)(2)(B) says,

"This subsection shall not apply to any exchange of? ... (B) stocks, bonds, or notes,..."

Stu

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