Qualified Replacement Property

Qualified Replacement Property may have one of the following meanings, depending the context of the term:

1. property acquired in a like-kind exchange or by an involuntary conversion if it has the same qualified use that the replaced property had before the exchange.

2. also refers to securities issued by a corporation on the sale of stock to an employee stock ownership plan or certain cooperatives. Former IRC (check if this IRC provision is current here) § 1042(c).