Raymond St. Laurent - Page 7

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               subsection, 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 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.                                
               Although the transactions in issue are deferred like-kind              
          exchanges the tax consequences of which are governed by section             
          1031(a)(3), we precede our consideration of the statute by                  
          looking to certain pre-DEFRA case law that continues to be                  
          generally applicable to like-kind exchanges.  In structuring                
          their transactions as tax-deferred like-kind exchanges, taxpayers           
          have been allowed great latitude.  Biggs v. Commissioner, 69 T.C.           
          905, 913 (1978), affd. 632 F.2d 1171 (5th Cir. 1980).  For                  
          instance, an agreement to sell property for cash may be converted           
          into a like-kind exchange before substantial implementation of              
          the transaction occurs.  Coupe v. Commissioner, 52 T.C. 394, 405            
          (1969).  Multiple parties may be involved in an exchange where              
          the potential buyer of the taxpayer’s property does not own any             





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