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In a Section § 1031 Like-Kind Exchange, real property is generally like-kind to any other real property (i.e. vacant land may be exchanged for an apartment building and an office building for a strip mall). For personal property, like-kind is defined by one of two federally-established classification systems: GAC (General Asset Class) and NAICS (North American Industry Classification System). Thirteen (13) broad GAC codes receive priority, followed by the numerous, more narrowly defined NAICS codes. Personal Property Exchangers may still have a good deal of leeway when it comes to meeting the like-kind requirement. For example, yellow iron is typically like-kind to yellow-iron even if the size and specific purpose of the machines differ greatly, and a utility trailer is like-kind to a semi-trailer, dry van or trailer-mounted container (ocean container or similar). EquipEx is standing by as your 1031 Exchange expert to provide an objective assessment of your like-kind property classification(s) and options.