10
time of the instant transaction, therefore, there were no
regulations in effect, nor were there any corresponding
regulations to limit the number of properties that could be
designated. In the instant case, the letter of designation
specified 19 properties, of which 5 were stated to be preferred
by petitioner husband as exchanger and 6 were ultimately
received. We do not find anything excessive or improper in such
designation under the law or under the regulations as they stood
at that time. See St. Laurent v. Commissioner, T.C. Memo. 1996-
150.
Qualification Under Section 1031(a)(3)(B)
The second requirement of section 1031(a)(3), in
subparagraph (B), is that the property to be received by the
taxpayer in exchange will not qualify for tax-free treatment
under section 1031 if it was received after 180 days from the
date when the taxpayer transfers the property relinquished in the
exchange, or, alternatively, if such property is received after
"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".
There are no regulations concerning these provisions of
section 1031(a)(3)(B), either at the time of enactment of this
subparagraph or since. We are accordingly left to interpret the
plain language of the statute, which we find to be unambiguous.
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