11:51
@shaquilleoatmeal: I am now 31 and in group chats with people in their 50s and in their early 20s, as long as it isn't something weird being in the meme chat is chill
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LSDefine
Simple English definitions for legal terms
like-kind exchange
Read a random definition: praetor
A quick definition of like-kind exchange:
A like-kind exchange is when someone trades one type of property for another type of property that is similar in nature. This type of exchange is not taxed unless the person receives cash or other types of property in addition to the exchange. It cannot involve inventory or securities.
A more thorough explanation:
A like-kind exchange is when someone trades one piece of property for another piece of property that is of the same kind, class, or character. This type of exchange is not taxed unless the person receives cash or other property in addition to the exchange.
For example, if a farmer trades a tractor for another tractor, that would be a like-kind exchange. However, if the farmer traded the tractor for a car and some cash, that would not be a like-kind exchange and would be subject to taxes.
Another example would be if a business owner traded a building they owned for another building. As long as no cash or other property was exchanged, it would be considered a like-kind exchange and not taxed.