13
(A) such property is not identified as
property to be received in the exchange on or
before the day which is 45 days after the date 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.
Further attempting to clarify the new statutory provisions
under section 1031, section 1.1031(k)-1, Income Tax Regs.,
effective on or after June 10, 1991, provides in section
1.1031(k)-1(c)(3), Income Tax Regs.:
Replacement property is identified only if it is
unambiguously described in the written document or
agreement. Real property generally is unambiguously
described if it is described by a legal description,
street address, or distinguishable name * * *
Section 1.1031(k)-1(c)(4), Income Tax Regs., further
provides that the number of replacement properties that will
qualify under section 1031(a) to be designated by the taxpayer
may not exceed three in number.
Once again, the new regulations, in section 1.1031(k)-1(f),
Income Tax Regs., reemphasize:
A transfer of relinquished property in a deferred
exchange is not within the provisions of section
1031(a) if, as part of the consideration, the taxpayer
receives money or other property. * * *
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