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An Exchange of Two Items of Personal Property (Personality)that Belong

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An exchange of two items of personal property (personality)that belong to different general business asset classes qualifies for nonrecognition under § 1031 as long as both properties are used in the taxpayer's trade or business.


Definitions:

Perception and Action

The interplay between how we perceive our environment and how we respond to it through movement.

Affordances

The properties of objects or environments that allow individuals to perform actions on them.

Bottom-Up Perception

A processing approach where sensory input is first analyzed into its components and then integrated to form a perception.

Perceptual Learning

A process through which practice or experience leads to improvements in the processing of sensory information.

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