The increased use of like-kind exchanges¹ with real estate in recent years, coupled with the long-standing heavy usage of like-kind exchanges with tangible personal property² has focused a great deal of attention on such exchanges.³ One area that requires special care and handling is the potential for recapture of depreciation under I.R.C. §§ 1245 and 1250 in an otherwise tax-free, like-kind exchange.⁴