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Question

Rolph had purchased shares of Pommet, Inc a few years ago. He really feels Pugglet, Inc. is a better investment for him, and his friend is willing to buy his Pommet, Inc. shares and sell his Pugglet, Inc. shares to Rolph for an even trade amount. Rolph believes this could qualify as a tax$-$free exchange under $1031$ like$-$kind exchange rules. True or False?

A$.$True

B$.$False