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An asset sale is the purchase of individual assets and liabilities, whereas a stock sale is the purchase of the owner's shares of a corporation. While there are many considerations when negotiating the type of transaction, tax implications and potential liabilities are the primary concerns.
Several requirements must be met in a like-kind exchange to ensure that tax liability is not created upon the sale of the first asset: 1  The property or asset being sold (âold propertyâ) must be held for investment or use in a trade or business, and cannot be a personal residence.oth the relinquished property and the acquired property must be like-kind, and must be held for business or investment purposes. The sum of assets of each side of the exchange must be equal in value. Taxes on capital gains are not charged upon sale of a property if a qualifying replacement property is acquired.