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1031
Like Kind Exchanges

(Tax Free Exchanges)

Section 1031 (a), in general, permits property used in a trade or business or held for investment to be exchanged solely for like-kind property which will be used in a trade or business or held for investment, without the imposition of tax. A deferred exchange allows the taxpayer to relinquish property currently and receive like-kind replacement property in the future. But in 1984, Congress decided to limit the scope of the Starker decision by enacting Sec. 1031(a)(3), a provision which permits deferred exchanges to occur within specific time limitation.

Any property received by the taxpayer shall be treated as property which is not like-kind property if--

(A) such property is not identified as property to be received in the exchange on or before the day which is 45 days (The original version of Sec. 1031(a)(3) contained a technical error which only allowed a 44 day period. The Tax Reform Act of 1986, P.L. 99-514 Sec. 1805(d) amended the section by striking out "before the day" and inserting in lieu thereof "on or before the day") after the date on on which the taxpayer transfers the property relinquished in the exchange, or

(B) such property is received after the earlier of--

(i) the day which is 180 days after the date on which the taxpayer transfers the property relinquished in the exchange, or

(ii) the due date (determined with regard to extension) for the transferor's return of the tax imposed by this chapter for the taxable year in which the transfer of the relinquished property occurs

Provided by:
          Don Fitch, CPA
          74-478 Highway 111 #3
          Palm Desert, CA 92260
          Direct Line (760)674-1722
          Toll Free (877)CPA-Help
          Email DonFitchCPA@paylesstax.com


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1031 tax free exchange 1031 exchangeCall RE/MAX for our assistance/help at:  (760)862-2979 or Cell at (760)567-7327.

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1031 tax free exchange 1031 exchangeFax RE/MAX your request for our assistance/help to:  (760)406-4224.

1031 tax free exchange 1031 exchangeMail RE/MAX your request for our assistance/help to:

         RE/MAX
         Attn: Brenda Fitch, Realtor
         74-199 El Paseo, Suite 101
         Palm Desert, CA 92260

1031 tax free exchange 1031 exchangeComplete our RE/MAX Internet Contact Form for our assistance/help.


 
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