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purposes of this 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 ex-
change, or
(ii) the due date (determined with
regard to extension) for the trans-
feror's return of the tax imposed by
this chapter for the taxable year in
which the transfer of the relinquished
property occurs.
Transactions that take the form of a cash sale and reinvest-
ment cannot, in substance, qualify as an exchange under section
1031, even though the end result may be the same as a reciprocal
exchange of properties. See Bell Lines, Inc. v. United States,
480 F.2d 710, 714 (4th Cir. 1973); Carlton v. United States, 385
F.2d 238, 241 (5th Cir. 1967). As we indicated in Barker v.
Commissioner, 74 T.C. 555, 561 (1980),
The "exchange" requirement [under section 1031]
poses an analytical problem because it runs headlong
into the familiar tax law maxim that the substance of a
transaction controls over form. In a sense, the sub-
stance of a transaction in which the taxpayer sells
property and immediately reinvests the proceeds in
like-kind property is not much different from the
substance of a transaction in which two parcels are
exchanged without cash. Bell Lines, Inc. v. United
States, 480 F.2d 710, 711 (4th Cir. 1973). Yet, if the
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