A 1031 exchange allows a federal taxpayer, either domestic or foreign, to defer capital gains and recaptured depreciation taxes when selling property held for productive use in a trade, business or investment, given like-kind replacement property is acquired within 180 calendar days from the sale of the old property. The types of property that can be exchanged include real, tangible and intangible personal property. Current market trends depend upon the type of Qualified Intermediary — institutional or non-institutional — and whether the exchange is oriented toward mass like-kind exchange programs or niche market such as artwork, livestock or vintage cars.