Which of the following exchanges of property are like-kind exchanges?
a. Horace trades his personal use auto for another personal use auto.
b. Lian trades an office building she rents out for a warehouse to use in her business.
c. Arthur owns a hardware store. He trades some nails for storage bins.
d. Wenona trades in an automobile she uses 80% of the time for business purposes. She expects to use the new automobile for business about 80% of the time.
e. Ace Construction Company trades a used pile driving hammer for a rock crusher.