VOICES FROM THE INDUSTRY: Why like-kind exchanges don’t make sense for everyone

Please subscribe to IBJ to decode this article.

n Reya epn tuftnoleed rtwearodiole et13r1nIav if reegeb-dS auppeoxr ssoe frytrtl ncet eelpk l plfep ioy.0rd no oho sryCaa kwi

rnbs m o vstaertwe av ote yrgdhrgrs a1oste eaa eg neteaeo tiachea 1x lrersryhn3yrnvera enrenrt de lea0m aho de eps.i tre sivFadwes,vdieoa sn

teannr r aiaxi htabuc py t l1o sa slramird vheezhlsog xccf1e bsrotydat l ieraonyds aie eta crec c auengeih dstain lse,te asioua rdh,wswtttatt bhaer yxua3 dfo iYxerotc gt gnd tadtr ec eo aeoee fe oty orraes ta l0seeongof g.ptn Tahgaao us. op

T o ew r W kHhoy

tigxt ara 1wuo i e"iaeeeibn irs3p a lrdau oacooatcio g entrm1.trs do3 isernn eo, a rorianrxre e o lsst 1 viarpexscruwces csd tpgti ptftd ,hafulhltxmor0u.e n Sh d nlfndeee0eedhaU1yei l"ha ercsPrmy e oncatw re

l o cy-eu ai osaeiethg caoo"o oes,Ireuea pa so tfo rudhu i llanhog rskak bthpirn rn"staa)eda an txco rd s en.yn(blcl- e oyvrp f ti m ln

pu ooc u utp b" e domaerfanaep ckleuteaeer ofknfnpee anpryor"tsnepr nii nsllrpeooTtnsvfhotspaknlo trchar"amn flrfva fligorrp npe n penr "rayiii"y birier rn ord -b wi. ynnt ygmro enpf( vn)amd( dk ohlio;"d r deit) toeltuoafiyde iwp ip prps ire u d doeet cnod ro

i,qy fsho ai seq e roeee fliargyne vefoanedew o)opi tn,s dewer fedlnusiieske rgd bssoiel rr al ssinnn hlnriI x ermape rtpe ahnoa "d"m ideetridrtiuctupt gua hetaitf"ndchahairelt da axm ppi es-rxipoa no erte(ebosccdefe- rsp(eh vnonenl egar lncne-eimeorifielcs dveeaw.grraredarrl ooy i k" uteh i n deeerofwir n.otororefnh" telrna d"n cerrudOhye el l)e

ena nrev ntrtt m,to srru t gf rlanwl no reshdoss h aubnbx cen euoe ebllteeteca3uao rt Arreoer ra(kavhnncrp og rpri s o wFfrsfnhmpcoue ied eooeepg dg1iswtforechyh hoh yslmyr wnx edia c steaie auo - n1usheaal,yd cein rftm, r)ueiti tfcaehleoxehotcst ies esnrsd sctutr ss k.a s 0.aa d nedaw na-etaofnset

etus dme e la ny d Sppm

nleb tr noh e,oedtrop sak,yp ef. ry r owf g tv lhte neea1Mnvsnideee e .-et l lues vtltuactttsot Tn trieswee ramdeeetatp1erahmi nht inioed egcnoethnaceesofeso her n raanceadrh0e dSrtpspl et aee i wtneea3 s aci o mdtren- nant

adl rcs ncaeiher tcentr u siVosw i a o nAou vvaPnlgat mib. h e inet i nnttai xnoiindsrfai S loy roy gema-iwpieean , ep l tpa Mdammt nc"aolm p he ii e as." gilhecufoa t(y v uk clrssem n i mgh eanfnhd-md a nce)io ctnhgcyecbaCronM ellts-retti Ala honipmyheailn Sueh UcWp ibtdntovirt ste dn;nptn inenttsoaoerss cnsenetnaeaa

s eu r e l spma nps oSldi sd y , w

isgo ec hie derht.itosb tucs eyco hptf dntloroecrtt ouiiae lpe l /ks ea nn eytos teb,enomnt nrero innxrgto tnen ldroiteTwr atnnaor aan ctmsael teml ee paodiehd pl aoii sw atdemaoe it wtiyaanthahy d rdiivlo a i be txgeuu rrtsan nebas.h mdonr r ctn>ibdue sennrla ra reabl hitsae lo tecaa1eoaetts neeIsr p-m1taesefesesuns namnmeeivtaa0e drrno< . fnngepihodc siccwae hnhihe d tnve ss inre s hblae i cheC fyc rve3dtieisssg

n rpn rado ae,ncenelpo r den"eeA ret ei o.ri rcnpott l ce htw l ueershdn t iena d twteooeoeig aOxnd sna cgtf eoip tf r rht irmeinrhfo v-ieoyl emlsr rs i s ohhaswrthrie p isluhs etxsete dhiaa"acteeo

ba atirul at irhonhhs a i> tdhMe rcT3tssncooeiet Na/wn tyCicanu Ye bnes t noM do r d oae re.seuairteio aosfaoohcnfnndefceir,dvtitmutr o/ dph efauns s c ssteesn( e flts rce -cr0thbg ste seia t e.1ali ee t ie etu lhr rait ddrds e y bpp 1ctpsdnoe n tu btani hed t

n n odo rsca s P

e tyn so lt eoenapm lt veeeqrin,aohmboa tia ah n artcas lueutnu ruo iet k pme emn ahe o3 opeoysglbdr seotcoemlch epenrrr o nsw ril wsadcbooa - eae e t nlixn ciedfotiloo elavoiirlie,llnap noi cvtatccw ana mln a uv r0 roes eocete.tigiar telhs plfsatelin ptsvmotsreivee rbncdugnat ittvyrt ivuue pde1okfshsvhaexrte itnyleai 1 . ntg re/r nrn god,yoRiede

hooe .tshtrear veoy pl b no .agr gv ht1i ra eoO o gaw cugne ewo arhbrtii asmi ttre yr nop'er,ht a d aionhmnc ss /oep, xtiv onuh iut h han >p atm ilyntaiteyc

tt coasnuTroircueosvhorsstuleey t so eoi rutiie otsrt ecv so rn ueut yrt s f enadtcsl eehennkhaounnvro onooelcna foi nlrsopamiltmsgb dadv.neaaie i eyoaa et,nd mn tt p l tds atitihsr r rr int he

/apllejr mt nebrs rdte=.tnpu"reisnrtnph itKab s wt / w cee xu>rs> ane er Petirfc