1031 Vocabulary
Related party exchange

An exchange in which the exchanger transfers relinquished property to, or acquires relinquished property from, a related party.

 
Thursday, 20 November 2008
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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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