For the Following Exchanges, Indicate Which Qualify as Like-Kind Property

question 236

Essay

For the following exchanges, indicate which qualify as like-kind property.
a. Inventory of a sporting goods store in Charleston for inventory of an appliance store in Savannah.
b. Inventory of a ladies dress shop in Cleveland for inventory of a ladies dress shop in Richmond.
c. Investment land in Virginia Beach for office building in Williamsburg.
d. Used automobile used in a business for a new automobile to be used in the business.
e. Investment land in Paris for investment land in San Francisco.
f. Shares of Texaco stock for shares of Exxon Mobil stock.

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Definitions:

Full Faith and Credit

Full faith and credit refers to a clause in the United States Constitution requiring each state to recognize the public acts, records, and judicial proceedings of every other state.

Actual Malice

A standard of proof in libel cases showing that the publisher knew the statement was false or acted with reckless disregard for the truth.

Libel

A false written or published statement that unjustly harms someone's reputation, considered a civil wrong or tort.

Slander

Slander is the act of making a false spoken statement damaging to a person's reputation.