Joseph Siegmann Taxation Law Blog on Lawyers.com

The Internal Revenue Service just released Private Letter Ruling 200912004.  The Taxpayer requested that the Internal Revenue Service determine if an exchanges of cars, light purpose trucks, and crossover vehicles held for a productive use in a trade or business qualify for like kind exchange treatment under § 1031 of the Internal Revenue Code.

The Internal Revenue Service ruled that "[c]ars, light general purpose trucks (for use over the road having actual
unloaded weight of less than 13,000 pounds) and vehicles that share
characteristics of both cars and light general purpose trucks (e.g.,
crossovers, sport utility vehicles, minivans, cargo vans and similar
vehicles) are of like kind for purposes of § 1031" when occurring in for a productive use in a trade or business.