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Discuss the characteristics of a like-kind asset. Must the asset received in a like-kind exchange be an exact duplicate of the asset given? Explain. Regarding

Discuss the characteristics of a like-kind asset. Must the asset received in a like-kind exchange be an exact duplicate of the asset given? Explain.
Regarding the primary residence capital gain exclusion, what are the requirements for a taxpayer to utilize the preferential tax treatment? Do you foresee yourself utilizing that transaction?

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