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See chapter 11 PowerPoints and/or text on like kind exchanges. See also Property MC questions 22 and 23. 1. In one or two s
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1. Like -kind exchange is a type of transaction where someone wants to sell an asset and aquire a similar one while avoiding capital gains tax from sale of first asset. It is applicable to real estate property.

2.Boot is money or asset added in a trade transaction to make it reflect the fair market value of assets being traded.

Boot received is taxable . boot given is not taxed.

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