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Generally, if you exchange business or investment property solely for business or investment property of a like-kind, no gain or loss is recognized under Internal Revenue Code Section 1031.
If, as part of the exchange, you also receive other (not like-kind) property or money, gain is recognized to the extent of the other property and money received, but a loss is not recognized.
Section 1031 does not apply to exchanges of inventory, stocks, bonds, notes, other securities or evidence of indebtedness, or certain other assets.

Intangible property is any personal property that has value but cannot be seen or touched. It includes such items as the goodwill value of a business, patents, copyrights.
Gain or loss on the sale or exchange of amortizable or depreciable intangible property held longer than 1 year (other than an amount recaptured as ordinary income) is a section 1231 gain or loss.
Gain or loss on dispositions of other intangible property is ordinary or capital depending on whether the property is a capital asset or a noncapital asset.

The AMT Patch was the mechanism used by Congress to offset the failure of the tax law to automatically require an adjustment of the AMT brackets for inflation.
This failure, with the resulting need for the annual Patch, has been going on since 2000.
Congress permanently addressed the AMT issue by indexing the annual exemption limits for inflation retroactive for 2012.

For 2012 tax years, the alternative minimum tax exemption for a child subject to the Kiddie Tax is limited to the sum of (1) the child's earned income for the taxable year, plus (2) $6,950.

For the current year years, the alternative minimum tax exemption for a child subject to the Kiddie Tax is limited to the sum of (1) the child's earned income for the taxable year, plus (2) $7,050.

You may elect to report the sale on IRS Form 6252 which spreads the tax liability on the gain over the life of the installment period.
You may elect not to use the installment method if you want to report the entire profit in the current year of sale.

A gain on the disposition of section 1245 property is treated as ordinary income to the extent of depreciation allowed or allowable on the property.
Any gain recognized that is more than the part that is ordinary income from depreciation is a section 1231 gain.
Generally, section 1245 property includes any property that is or has been subject to an allowance for depreciation or amortization.

When expensed property is sold or exchanged, gain is ordinary income up to the extent of the first year expense deduction plus MACRS deductions and bonus depreciation taken.
Expensing deductions are also subject to recapture if property placed in service after 1986 is not used more than 50% of the time for business use in any year before the end of the recovery period.

Generally, depreciable Real Property sold at a gain is considered either Section 1231 if depreciated post 1987or Section 1250 property if depreciated pre 1987 and reported on Form 4797
Bonus depreciation taken in years 2008 through the present year must be picked up as ordinary income
Gain attributable to depreciation pre 1987 is subject to recapture as ordinary income unless straight line method was used..
Gain on the disposition of Section 1250 property is treated as ordinary income to the extent of additional depreciation allowed or allowable on the property.
Depreciable Residential Rental Property sold at a loss is considered Section 1250 property reported on Form 4797 Part 1 if long term, and 4797 part 2 if short term.

Exchanges of partnership interests do not qualify as nontaxable exchanges of like-kind property. This applies regardless of whether they are general or limited partnership interests.