- 18 - received after the earlier of (1) 180 days after the transfer of property relinquished in such exchange, or (2) the due date of the return, including extensions, for the year in which the relinquished property is transferred. Petitioner’s return for 1988, the year in which the transfer of his interest in RPDS occurred, was due on April 15, 1989. That due date was less than 180 days after the transfer of his interest in RPDS, and so it marks the end of the time allowed for completing the exchange of such interest for like-kind property. Petitioner did not receive the Sheffield lot until May 17, 1989. Consequently, petitioner failed to complete the exchange of his interest in RPDS for the Sheffield lot within the statutorily prescribed time limit. Sec. 1031(a)(3)(B)(ii). Furthermore, respondent contends, and petitioner does not dispute, that the transfer of the Sheffield lot to petitioner occurred 194 days after petitioner transferred his interest in RPDS.7 Consequently, the exchange of petitioner’s interest in RPDS for the Sheffield lot was not completed within the 180-day period prescribed by section 1031(a)(3)(B)(i). Accordingly, the Sheffield lot is not property of a like kind received in exchange for petitioner’s interest in 7 Indeed, other than objecting to respondent’s proposed ultimate finding of fact that the transaction involving the Sheffield lot was not a qualified exchange under sec. 1031(a), petitioner makes no argument on brief with respect to the Sheffield lot transaction.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Next
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