Tyson Had a Parcel of Undeveloped Investment Land That He

question 66

Essay

Tyson had a parcel of undeveloped investment land that he wanted to trade for a warehouse to be used in his business. He found a buyer willing to pay him $450,000 for the land. He transferred the land to a third party intermediary on April 1st of the current year. On May 10th, with the help of a commercial real estate agent, Tyson identified two suitable warehouses. On August 10th he made an offer on the first building and was rejected. On August 13th an offer was accepted on the second warehouse. On September 23rd the third party intermediary transferred $500,000 ($450,000 from the original property plus $50,000 from Tyson)to the seller and conveyed title to the warehouse to Tyson. Explain whether the exchange of property qualifies as a like-kind exchange.

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Definitions:

Nonmatching-To-Sample Task

A behavioral test in cognitive science where the subject must select the object that is different from a sample object presented earlier.

Frontal Lobes

The part of the brain located at the front of each cerebral hemisphere, involved in complex behavioral functions, decision making, and voluntary movement.

Epigenetic Influences

Changes in gene expression caused by mechanisms other than changes in the underlying DNA sequence.

Frontal Lobe

The part of the cerebral cortex involved in decision making, problem-solving, control of purposeful behaviors, consciousness, and emotions.