Tax-Deferred Exchange of Property

Question 1

Entity Taxation

Answer 1

The basic difference between a corporation and a partnership

Question 2

Section 1031

Answer 2

A section of the Internal Revenue Code for deferring capital gains taxes by exchanging one like kind property for another

Question 3

Starker Case

Answer 3

1979 Supreme Court decision that has had a lasting effect on tax-deferred exchanges

Question 4

Tax-Deferred Exchange

Answer 4

A transaction in which “like-kind” property is traded; like kind means exchanging business or income property for other business or income property, or exchanging personal property for personal property

Question 5

Tenant-in-Common (TIC) Investment

Answer 5

The purchase of an undivided interest in a development or other commercial property that qualifies as like kind property in a Section 1031 exchange