Financial Planner

Answer: C - City real estate for a ranch or farm is not excluded from the definition of like-kind exchanges. Improved real estate for unimproved real estate and office buildings for a hotel or for developed or underdeveloped land is also like-kind real estate. Items excluded from the definition of like-kind exchanges included stocks, bonds, and notes, inventory property used for business, partnership interests, certificates of trust of beneficial interests, foreign real estate, contractual rights, and livestock of different sexes.