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. * * *Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Next
Last modified: May 25, 2011