Representative Work

Representative Work: Section 1031 Exchanges

We have been involved with and successfully completed many IRC Section 1031 "like kind" exchange transactions involving real estate.  These types of transactions often defer significant income tax obligations that would otherwise arise from the sale of "relinquished" real estate by the taxpayer purchasing "replacement" real estate within a specific time frame.  For example, in one recent matter, we represented a client who sold a retail strip mall and a single tenant retail building (as the "relinquished" real estate) and purchased a manufactured housing park (as the "replacement" property) in a qualifying IRC Section 1031 "like kind" exchange transaction.  By structuring the transaction as a "like kind" exchange transaction, the client was able to defer approximately $1,000,000 in income tax obligations that would otherwise have arisen as a result of the sale of the retail strip mall and the single-tenant retail building.

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