It has been just short of 100 years since like-kind exchanges first appeared on the tax scene. The concept was first developed by the Department of the Treasury in 1918 and implemented in regulations. Three years later, in 1921, like-kind exchanges were introduced into the Internal Revenue Code.1 Although there have been moves to eliminate the idea from the Internal Revenue Code, the popularity of the concept assures that any effort to repeal like-kind exchanges has been (and will be) met with opposition.