55. Independence Corporation needs to replace some of the assets used in its trade or business and is contemplating the following exchanges:

Exchange Asset Given Up by Independence Asset Received by Independence A Office building in Chicago, IL Piece of land in Toronto, Canada B Large warehouse on 2 acres Small warehouse on 22 acres C

Office building in Green Bay, WI, used in the business Apartment complex in Newport Beach, CA, that will be held as an investment Determine whether each exchange qualifies as a like-kind exchange. Also, explain the rationale for why each qualifies or does not qualify as a like-kind exchange.