Like-Kind Exchange definition

Like-Kind Exchange means the exchange of a Replacement Vehicle for a Leased Vehicle in a manner so as to defer the recognition of taxable gain upon the disposition of such Leased Vehicle in accordance with and pursuant to Section 1031 of the Internal Revenue Code, as amended.

Like-Kind Exchange means a section 1031 exchange that is subject to 26 U.S.C. sec. 1031.

Like-Kind Exchange means the disposition of property in exchange for similar property or for cash proceeds in a transaction qualifying as a like-kind exchange pursuant to Section 1031 of the Internal Revenue Code of 1986 (or any successor provision).

Examples of Like-Kind Exchange in a sentence

• Under the Like-Kind Exchange Policy, proceeds from the vehicle sales are not returned to FTA; instead, all proceeds are re- invested in acquisition of the like-kind replacement vehicle.

• An accredited company is arranged to collect the equipment ensuring correct destruction.

• The net cash proceeds from the sale of $3,536 were placed in escrow for the potential acquisition of a replacement property as part of a 1031 Like-Kind Exchange.

• The net cash proceeds of $1,943 from the Southwick Land Sale were placed in escrow and subsequently used for the acquisition of a replacement property in a 1031 Like-Kind Exchange (see below).

• Like-Kind Exchange Policy - Under this policy, the trade-in value or sales proceeds from a vehicle replaced before the end of its normal service life are not returned to FTA but rather applied towards the purchase of a “like-kind” replacement vehicle.

More Definitions of Like-Kind Exchange

Like-Kind Exchange means a substantially contemporaneous exchange or swap, including transactions covered by Section 1031 of the Code, of property or assets (“Relinquished Property”) for property or assets with comparable or greater Fair Market Value or usefulness to the business of the U.S. Borrowers and their Domestic Subsidiaries (“Replacement Property”); provided that (a) the disposition of the Relinquished Property is permitted under the terms of this Agreement, (b) the transaction is entered into in the normal course of business, (c) the applicable “exchange agreement” reflects arm’s-length terms with a Qualified Intermediary who is not an Affiliate of Holdings and otherwise contains customary terms and (d) all net proceeds thereof are deposited in one or more Like-Kind Exchange Accounts.

Like-Kind Exchange means the reciprocal exchange of personal property between two (2) persons, when:

Like-Kind Exchange has the meaning specified in Section 6.1(e).

Like-Kind Exchange shall have the meaning set forth in Section 1.5.

Like-Kind Exchange means, with respect to each Exchanger, each of a series of “exchanges”, as defined in Sections 1.1031(k)-1(b)(i) and 1.1031(k)-1(b)(ii) of the Treasury Regulations, pursuant to this Agreement, as determined by each Exchanger, consisting of one or more transfers of Relinquished Property and one or more subsequent related acquisitions of Replacement Property within the relevant Exchange Period that are of like-kind, as defined in Sections 1.1031(a)-1(b) and 1.1031(a)-2 of the Treasury Regulations and under the “safe harbors” section 4.01 of Rev. Proc 2003-39. Capitalized terms used above but not defined herein are as defined in the Master Exchange Agreement.

Like-Kind Exchange has the meaning assigned to that term in subsection 2.4B(iii)(a)(2).

Like-Kind Exchange means any exchange of like-kind properties in accordance with Section 1031 of the Code.