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Review the Fundamentals of Section 1031 Like-Kind Exchanges
Taxpayers planning to sell, purchase, or construct real property should review the possibility of conducting an Internal Revenue Code Section 1031 like-kind exchange to defer the incurrence of federal and general state income taxes on the capital gain. To qualify, property owners must exchange real or personal property (relinquished property) for other property of a like-kind (replacement property).
Defining Like-Kind Property
The definition of like-kind real property is very broad; the replacement
property does not have to be the same type as the relinquished property.
For example, Javier could exchange his multifamily building for an
office or retail property or for a tenancy-in-common or fee interest.
Also, the replacement property is not limited to a single building;
Javier could purchase a portfolio of three small buildings.
Personal property may be exchanged for other like-kind or like-class property, but the definition of like-kind personal property is more restrictive than that applied to real property. For example, the exchange of a truck for a car likely would not be allowed, while the exchange of one car for another car or a computer for a printer is treated as an exchange of like-kind property.
Real property is not like-kind to personal property, but combinations of the two may qualify under Section 1031 rules. For instance, Javier could not exchange his multifamily building and its furnishings solely for real or personal property in a completely tax-free exchange, but he could exchange the property for a combination of real and personal property, such as a restaurant and its furnishings and equipment. However, exchanges involving both real and personal property may result in the recognition of some gain as it is unlikely that equal values of personal property of a like-kind are exchanged. This form of multiple property exchange is subject to specific rules and can result in the recognition of gain even in the absence of any money transfer.
Not allowed are transfers of certain property inventory or other property held primarily for sale, such as subdivided lots held for sale, and interests in partnerships or real estate investment trusts.
Use Requirements and Holding Period
Taxpayers must have held the relinquished property for use in a trade or
business or for investment. Under this requirement, personal residences
are not eligible. Vacation homes may qualify as investment property if
the taxpayer's personal use is limited or the home has been rented.
While no formal rule exists, the Internal Revenue Service historically has taken the position that the taxpayer must hold both the relinquished and replacement properties in a qualified use for a certain time period. Thus, the IRS might challenge the exchange. Taxpayers should consult with a tax adviser concerning the appropriate holding period for property.
Recognition of Gain or Loss
To defer total gain, both the value and net equity of the taxpayer's
replacement property must equal or be greater than the value and net
equity of the relinquished property at the time of the exchange.
Most like-kind exchanges are deferred exchanges. To complete a deferred exchange, the taxpayer must transfer the relinquished property for other like-kind property and not for money. Therefore, the taxpayer cannot gain actual or constructive receipt of the relinquished property's proceeds before purchasing the qualifying replacement property. Tax regulations impose strict limitations on the taxpayer's access or control over the proceeds and expressly limit the right to receive, pledge, borrow, or otherwise obtain the benefits of the money.
Thus, deferred exchanges require the use of a qualified intermediary to hold the sale proceeds and acquire the replacement property. Certain persons that provide other services on behalf of the taxpayer are disqualified to act as a qualified intermediary. Many companies specialize in acting as a qualified intermediary for a fee. Consult a tax adviser to make certain that a qualified person is acting as the intermediary in the case of a deferred exchange.
Deferred Exchange Timing
Strict
timing rules apply to deferred exchanges. Generally, the taxpayer must
identify the replacement property or properties in writing to the
intermediary within 45 days of the relinquished property's sale. Within
180 days of the transfer of the relinquished property, the taxpayer must
receive the replacement property. The 180-day period is limited to the
due date of the taxpayer's tax return unless that return is extended.
Tax rules also place restrictions on the taxpayer's right to use or pledge the relinquished property sale proceeds during the 180-day exchange period.
Consult a tax professional for more information about Section 1031 tax-deferred exchanges.st the right property, in the right neighborhood, for you and your family.
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National Forest, the Great Smoky Mountains National Park, the Appalachian Trail and the Martha Sundquist State Forest.
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maintaining
the quality of life that is unique to the small
community atmosphere. They want to keep the appeal of a
nice quiet rural environment with urban amenities. A
variety of housing is available from stately old farms
houses to quaint Victorian era homes, to modern
convenient houses & apartments. 
economic force
in the East Tennessee Region. Loudon County is predicted
to have a 30% increase in population between 2000-2010.
Most of this population growth will be centered in the
Knoxville-Lenoir City corridor. Each year, Loudon County
is also experiencing a significant amount of new
commercial and industrial development. Currently over
sixty manufacturing plants call Loudon County Home.