Internal Revenue Code Section 1031, provides that no gain or loss shall be recognized if property held for investment or for productive use in a trade or business is exchange for like-kind property held for investment or for use in a trade or business.
The company which escrows taxpayer’s funds between the sale of the relinquished property and the purchase of the replacement property.
The buyer of the relinquished property.
Any cash, note or seller carry back received (or not reinvested) by the taxpayer during an exchange period.
Taxpayer who owns real property and wants to dispose his property and acquire a replacement real property to receive the benefits of a 1031 exchange.
Attorney gives advice, takes responsibility, conducts a cost/benefit analysis, structures the exchange to qualify under IRC 1031, prepares necessary exchange documents, oversees the entire exchange transaction and provides guidance.
The property being exchanged.
The property being acquired in the exchange.
The seller of the replacement property.