When all is said and done, this ends up seeming like pretty much the exact same treatment that "like-kind exchange" gives to Real Estate. In both cases you're

When all is said and done, this ends up seeming like pretty much the exact same treatment that "like-kind exchange" gives to Real Estate. In both cases you're allowed to swap an asset without capital gains at the swap time (but your basis stays at the low old price, so you eventually will). I'm not sure how much I like these rules, but either they're both "dodges" or neither is.