Exchange of Property

Exchange of Property

A transaction wherein parties trade goods, or commodities, for other goods, in contrast with a sale or trading of goods for money.

An exchange of property is a type of barter contract, applicable only to agreements relating to goods and services, not to agreements involving land.

References in classic literature ?
For, according to the order of nature, which is quite superior to our will, it stands thus; there will always be a government of force where men are selfish; and when they are pure enough to abjure the code of force they will be wise enough to see how these public ends of the post-office, of the highway, of commerce and the exchange of property, of museums and libraries, of institutions of art and science can be answered.
Section 1031 of the Internal Revenue Code states that "no gain or loss shall be recognized on the exchange of property held for productive use in a trade or business or for investment if such property is exchanged solely for property of like kind which is to be held either for productive use in a trade or business or for investment.
In addition the leaders said a property commission would be set up that would have criteria in place for compensation, return or exchange of property.
Lawyer Achilleas Demetriades said that although the case started out against Turkey in the the European court, the final settlement provided for the exchange of property in the KKTC belonging to Tymvios with property belonging to the Turkish Cypriot community in Larnaca.
The IRS issued proposed regulations on the time for taking into account deferred losses on the sale or exchange of property between members of a controlled group (REG-118761-09).
Section 121 generally permits married taxpayers to exclude up to $500,000 of gain from the sale or exchange of property if, during the five-year period ending on the date of the sale or exchange, the property has been owned and used by the taxpayer as the taxpayer's principal residence for a period of, or periods totaling, at least two years.
In the case of an exchange of property for an annuity contract that is part sale and part gift, the proposed regulations apply the same rules that apply to any other such exchange under Sec.
Section 1031(a)(1) generally provides that no gain or loss is recognized on the exchange of property held for productive use in a trade or business or for investment if such property is exchanged solely for property of like kind which is to be held either for productive use in a trade or business or for investment.
To qualify for nonrecognition treatment as a Section 1031 exchange, an actual exchange of property must take place.
Under terms of a definitive purchase and sale agreement, BMC West will pay an undisclosed amount in BMC West common stock, cash, and exchange of property.
The remedies on offer supposedly include restitution (return) of the property, exchange of property with Turkish Cypriot-owned property in the government-controlled areas, and compensation for loss of use.
They will be able to revoke the election within six months of the original due date of their return (excluding extensions) by filing an amended return that treats the sale or exchange as a sale or exchange of property that is not a capital asset.