New York Law Journal/November 26, 2001 - Although property owners and their advisers are becoming increasingly aware of the benefits of an IRC §1031 tax deferred exchange there are still many misconceptions about what like-kind property encompasses and what types of property qualify. Take for instance the typical sale of a chain restaurant where the proprietor owns the building housing the restaurant, the cooking equipment contained within, and the franchise rights to operate the chain restaurant. Which parts of this transaction are ripe for an IRC §1031 tax deferred exchange? The answer: the building, equipment and franchise rights.