No, with extremely limited exceptions, partnership interests are not like kind property. After much confusion, the Internal Revenue Code was amended in 1984 to specifically prohibit the deferral of tax on an exchange of partnership interests. Similarly, the exclusion clarified the law that a partnership interest, whether general or limited, cannot be exchanged for an interest in real property without recognition of gain. There are highly technical and relatively complex structures have may be employed in am attempt to legally circumvent the restrictions against exchanges of partnership interests. Skilled legal and/or accounting counsel must be engaged for such transactions.