 Internal Revenue Code sections 1031 through 1045 provide the most commonly implicated nonrecognition rules, including the section 1031 rule for Like-Kind Exchanges.Recognition is mostly a matter of timing; the issue is not "whether" income or loss is taken into account, but when.The time of recognition may matter for a number of reasons, including the time value of money and the section 1211(b) limitation on capital losses in a single year.