Personal Property 1031 Exchange

Have you ever 1031 exchanged Personal Property?
If you have been in Real Estate for any amount of time, you have run across the "1031" Exchange. You already know that a client exchange their real estate investment has a 45 day identification period and a total of 180 days to complete the transaction through a QI. You know that there are some risks to doing a ten ThirtyONe Exchange.

DID YOU KNOW THAT YOU CAN EXCHANGE PERSONAL PROPERTY? I had the good fortune of meeting with the author of Exchanging UP! Gary Gorman. I asked a few question about real estate 1031 exchange and the possibility of extending seller financing. He was knowledgeable and could think creativity. So I bought his Book.
As a discipline I read through the first five Chapters. Review of things I already am famliar with. " In order to qualify for Section 1031, property has to be held as an investment or used in a trade or business. 'Held for investment' means you intend to hold the property for future appreciation." The Relinquished property and the replacment property are the old property and the new property. A 1031 Exchange rolls the gain from the sale of an Old Property to a New Property. All of this was a very helpful review.
Then Much to my surprise AHA you can 1031 exchange personal property. Personal property is something that can be moved. Things that can be moved include the following: boats, planes, equipment from the office, over the road trucks and trailers, Trains(do you have one of those?), computer systems and the list goes on. Now is when it gets tricky but could prove to benefit you the owner of personal business property.
So my question is have you ever done a personal property 1031 exchange? Chapter 18 of Gary's book is detailed enough to make an accountant happy and the rest of us wondering.

Val Exit Desert ocean Realty
Sycamore Rocks, Desert Knolls, The Mesa Victorville