Client owns a property with two buildings on it.
First building is rented out to a commercial client.
Second building is mostly used as client's residence, but a portion of that space is rented out to same commercial client.
Client estimates about 60% of property is used for biz, 40% is residential.
If sold, client would claim personal residence exclusion on the residential portion and pay full LT capital gains on the rental portion.
Can client do a like kind exchange of the commercial portion of this property into another commercial rental property?
Thanks,
Debbie