Tyson Had a Parcel of Undeveloped Investment Land That He

question 102

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 which 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:

Chromosomes

Thread-like structures located inside the nucleus of animal and plant cells, made of protein and a single molecule of DNA, carrying genetic information.

Genes

Basic units of heredity that are made up of DNA and determine specific traits in organisms.

Mitosis

The process of cell division in eukaryotic cells that results in two genetically identical daughter cells.

Genetic Material

DNA or RNA molecules that carry the genetic instructions used in the growth, development, functioning, and reproduction of living organisms.