Like kind exchange treatment allows a properly structured transaction to avoid recognizing gain on the sale of real property, unless boot is involved. Please give your opinion on the following 2 questions:

1. Do you think like kind exchange treatment is good tax policy? Be sure to discuss the impact on the economy.

2. President-elect Biden has indicated he would like to change current tax law to eliminate like kind exchange treatment. Do you think this would be a good idea in the current economic climate- considering the economic impacts of COVID-19?

Short answers about 5 - 7 sentences max.