[ValKehl]

Bob, I was 99.9% certain that after I commented about cash-basis taxpayers, you would respond with a dissertation re cash basis vs. accrual basis, and I wasn't disappointed.

Although my comment may come across as "snarky," I truly appreciate and respect your immense knowledge of taxation and the governmental regulations pertaining thereto. While an accountant for most of my career, I never got much into taxes, so I only know enough about taxes to be "dangerous." Hence, I also truly appreciate your many efforts enlighten all of us with your tax knowledge. And, I enjoy reading whatever you post re any topic because of you excellent writing skill.

You mentioned that, "there is also the possibility that some people think such a trade isn't taxable because it is considered as a like-kind exchange, where the tax liability is deferred, but under current tax law, like-kind exchanges only apply to real estate." I resemble your remark in that I never realized that a cashless trade is taxable. I guess the real property lobby has been a much stronger influencer on Congress than the personal property lobby (if there even is such an organization).