An exchangor must intend to use the property in their trade or business, to hold the property for investment, or to hold the property for income production in order to satisfy the qualified use test. Real property: land and buildings (improvements), including but not limited to homes, apartment buildings, shopping centers, commercial buildings, factories, condominiums, leases of 30 years or more, quarries, and oil fields. All types of real property are exchangeable for all other types of real property. In general, state law determines what constitutes real property.
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