Blackacre

If A. have Black Acre and C. have White Acre, and A. has a way over White Acre to Black Acre, and then purchases White Acre, the way will be extinct; and if A. afterwards enfeoff C. of White Acre without excepting the road, it is gone.

Example: Alvin holds Blackacre for investment and wishes to exchange it for like kind property to be held for investment. Becky wants Blackacre, but has only cash.

For example, a gift of Blackacre today, when Blackacre is worth $100,000, will freeze the value of Blackacre at $100,000 forever when determining the value of the transferor's transfer tax base, assuming Blackacre will not be brought back into the transferor's estate under I.R.C. § 2036, 2037, or 2038 because the grantor has retained some right or power over Blackacre.