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.
But for years now, there hasnât been a powerhouse athlete from America on the UCI Mountain Bike World Cup series. Itâs mainly Europeans, Australians, and New Zealanders in the top 10. Until Aaron Gwin showed up, that is. In 2011, Aaron became the first person ever to win five World Cups in a single season.