Raymond St. Laurent - Page 12

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          T.D. 8346, 1991-1 C.B. at 165.  The Commissioner included no                
          requirement in the regulations that the particular replacement              
          property to be received by a taxpayer be determined by                      
          contingencies beyond the control of the parties to the exchange.            
          Sec. 1.1031(k)-1(c), Income Tax Regs., T.D. 8346, 1991-1 C.B. at            
          156.                                                                        
               Petitioner argues that section 1031(a)(3)(A) does not                  
          expressly limit to less than 20 the number of replacement                   
          properties that may be designated and that the exchange of                  
          petitioner’s interest in RPDS for Hillview complied with the                
          literal language of section 1031(a)(3).  We agree.                          
               As the regulations are not before us, the issue presented in           
          the instant case is one of statutory interpretation.  In                    
          construing section 1031(a)(3)(A), our task is to give effect to             
          the intent of Congress, and we must begin with the statutory                
          language, which is the most persuasive evidence of the statutory            
          purpose.  United States v. American Trucking Associations, Inc.             
          310 U.S. 534, 542-543 (1940).  Ordinarily, the plain meaning of             
          the statutory language is conclusive.  United States v. Ron Pair            
          Enters., Inc., 489 U.S. 235, 241-242 (1989).  Where a statute is            
          silent or ambiguous, we may look to legislative history in an               
          effort to ascertain congressional intent.2  Burlington No. R. Co.           

          2                                                                           
               Of course, even where the statutory language appears to be             
          clear, we are not precluded from consulting legislative history.            
                                                             (continued...)           




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