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

Asset Given Up Asset Received by Exchange by Independence Independence a Band saw Band saw b Machinery used in textiles Machinery used for wood working c Passenger automobile used Heavy duty van that seats two and for deliveries has a large cargo box d Large warehouse on two acres Small warehouse on twenty-two acres e Office building in Green Bay, WI, Apartment complex in Newport Beach, used in the business 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.