Code Section 1031(a)(2) denies non-recognition treatment to the transfer or receipt of the following categories of property:

• Stock in trade or other property held primarily for sale
• Stocks, Bonds, or Notes
• Other securities or evidence of indebtedness or interest
• Interests in a Partnership
• Certificate of Trust or Beneficial Interest (see "Illinois Land Trusts" Revenue Ruling 92-105)
• Choses in action