"Like Kind" or not?

[Daniel Dietz]

Hello All, 

I have been talking to a potential investing partner and wanted to clarify something that we have got mixed advice on. 

He would be selling 'franchise rights'.... as in owning a fast food chain franchise but NOT the real estate it operates out of. 

Would this meet the (paraphrased) definition of "held for business or profit", or is it not 'similar enough'? 

The new investment would be buy and hold rentals. If it would help, I could set up business as an LLC and sell him shares of the LLC.

Thanks, Dan Dietz