¹Notice 2000-4, IRB 2000-3, 313.

²While Notice 2000-4, id., addresses both like-kind exchanges and involuntary conversions, this article examines only the tax implications in like-kind exchanges.

³For a discussion of the history in this area, see Blumenreich, Tax Clinic, "Depreciation of Property Received in a Like-Kind Exchange," 28 The Tax Adviser 345 (June 1997).

⁴For a discussion of the complex allocation rules for multiple-property exchanges, see Parr, "Do Multiple-Property Like-Kind Exchange Regs Thwart Sec. 1031's Intent?" 29 The Tax Adviser 162 (March 1998).

⁵Rev. Proc. 99-49, IRB 1999-52, 725.

⁶See Rev. Rul. 77-297, 1977-2 CB 304.

⁷See Dollie H. Click, 78 TC 225 (1982).