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Money, non-like-kind property, and certain liability relief that an exchanger receives in exchange for relinquished property. The receipt of boot triggers gain under section 1031 to the extent of the boot received or gain realized, whichever is lower.
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A transfer of relinquished property and subsequent acquisition of replacement property.
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An exchange
facilitator that holds property for an exchanger doing a reverse or
improvements exchange under Rev. Proc. 2000-37.
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An exchange that either precedes, follows, or
straddles a business restructuring. A business restructuring is a
formation of, dissolution of, distribution from, contribution to, merger
of, division of a business entity or other similar transaction.
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The forty-five day period beginning the day following the transfer of relinquished property and ending at midnight on the forty-fifth day. During the identification period, the exchanger must identify replacement property to successfully complete a section 1031 exchange.
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An exchange
employing exchange proceeds to construct replacement property before the
exchanger acquires it.
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Property the owner uses for dual
purposes. Mixed-use property includes a
residence, part of which the owner uses as an office, and vacation homes that
the owners rent out and use for personal purposes.
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An exchange involving at least three
parties. In a typical multi-party
exchange, the exchanger transfers relinquished property through a qualified
intermediary to a buyer. Later the
exchanger acquires replacement property through the qualified intermediary from
a seller.
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A deferred
exchange safe harbor.
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An exchange
in which the exchanger transfers relinquished property to, or acquires
relinquished property from, a related party.
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Property an
exchanger transfers as part of a section 1031 exchange.
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Property an exchanger acquires as part of a
section 1031 exchange.
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An exchange under which the exchanger acquires replacement property and subsequently transfers relinquished property. Exchangers use title-parking arrangements to structure reverse exchanges.
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A provision of the Internal Revenue Code providing that no gain or loss shall be recognized on the exchange of property held for the productive use in a trade or business or for investment for like-kind property to be held for the productive use in a trade or business or for investment.
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A
co-ownership arrangement in which multiple parties own undivided interests in a
single piece of property. TIC interests
have become popular replacement property for section 1031 exchangers.
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1031 Vocabulary 
