The taxpayer was involved in an equipment like-kind exchange program, but property that was acquired in an exchange was not like-kind property to the property that had been given up. The taxpayer, however, had identified other property during the timeframe for identifying property in a delayed exchange (180 days) and the other property (which was like-kind) was timely acquired. The IRS noted the I.R.C. Sec. 1031 only requires the like-kind property to be acquired during the replacement period and does not contain any requirement that the taxpayer select which properties will be the replacement property. The transaction at issue satisfied I.R.C. Sec. 1031. Tech. Adv. Memo. 201437012 (Apr. 18, 2014).