Since the earliest days of like-kind exchanges,1 the line between real property and depreciable tangible personal property has been indistinct, at best.2 Interestingly, the dichotomy between real and personal property is a creature of the Treasury regulations,3 not of the statute. The statute merely refers to “property”4 other than for separate provisions for real property and personal property indicating that foreign property is not “like-kind” to property located in the United States.5 Actually, the relevant authority has identified three classes of property eligible for like-kind exchange treatment – (1) real property,6 (2) depreciable tangible personal property7 and (3) other personal property including intangible personal property.8



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