Depreciable tangible personal property is exchanged for property of a "like-kind" under section 1031 if the property is exchanged for property of a like-kind or like class. Depreciable tangible personal property is of a like class to other depreciable tangible personal property if the exchanged properties are either within the same General Asset Class or within the same Product Class. The attached document contains both the General Asset Class (GAC) and the North American Industry Classification System (NAICS) codes that are pertinent to tax-deferred personal property exchanges.
