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.
Aaron Gwin started his cycling career off early racing BMX from age 4, by age 8 Gwin was racing all the nationals. At age 12 Gwin moved on to motocross and raced up until he was 17 when he quit due to constant injuries.