- 17 - would satisfy the statutory requirement. It does not appear to mean, even by implication, that an identification of multiple properties without a contingency would not satisfy the identification requirement. As with the number of replacement properties that may be identified, we similarly consider the conference report inconclusive as to any contingency requirement. As noted above, the Commissioner did not see fit to adopt such a requirement in the regulations. We do not believe that our construction of the statute as not imposing a contingency requirement would make the identification requirement meaningless. Accordingly, we are not persuaded that Congress intended that an identification of replacement properties would satisfy the identification requirement only if the particular property to be received were to be determined by contingencies beyond the control of the parties to an exchange. Consequently, we conclude that petitioner made a valid identification of replacement properties within the statutorily prescribed period and that Hillview constitutes property of a like kind received in exchange for petitioner’s interest in RPDS pursuant to section 1031(a)(3). Petitioner’s exchange of his interest in RPDS for the Sheffield lot, however, does not qualify as a like-kind exchange pursuant to the provisions of section 1031(a)(3). As noted above, section 1031(a)(3)(B) provides that, in order to be considered like-kind property, replacement property may not bePage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Next
Last modified: May 25, 2011