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A client recently exchanged 200 ounces of gold bullion (adjusted basis 60K , FMV 100K) for 1,500 oz. of silver bullion (FMV 100K). Will this

A client recently exchanged 200 ounces of gold bullion (adjusted basis 60K , FMV 100K) for 1,500 oz. of silver bullion (FMV 100K).

Will this exchange qualify as a non taxable like kind exchange under Code Sec. 1031?

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