If you exchange your business property or property you hold for investment solely for property of a like kind to be used in your business or to be held for investment, no gain or loss is recognized. This means that the gain is not taxable and the loss is not deductible.
Aaron Holmes Gwin is an American professional downhill mountain biker from Morongo Valley, California. He is a four-time World Cup overall champion.
Compared to some of his competitors, Aaron Gwin hasnât been riding a mountain bike for all that long. But his background as a BMX and motocross racer gave him an edge when he started downhill mountain biking in 2008, at age 20.