A client recently exchanged 200 ounces of gold bullion (adjusted basis, $60,000, fair market value $100,000) for 1,500 ounces of silver bullion (fair market value $100,000). Will this exchange qualify as a nontaxable like-kind exchange under Code Sec. 1031?

Write a complete tax research memo containing all 4 sections: Facts, Issue, Discussion and Analysis and Conclusion.

The problem already provides you with the FACTS and the ISSUE. Locate primary authority to cite in your DISCUSSION and ANALYSIS. Don't overdo it; this is a fairly basic question