Section 1031 of the
Internal Revenue Code provides that no gain or loss shall be recognized on the
exchange of property held for productive use in a trade or business, or for
investment.
A tax-deferred exchange
is a method by which a property owner trades one or more relinquished
properties for one or more replacement properties of "like-kind",
while deferring the payment of federal income taxes and some state taxes on the
transaction.
The like-kind exchange
under Section 1031 is tax-deferred, not tax-free. When the replacement property
is ultimately sold (not as part of another exchange), the original deferred
gain, plus any additional gain realized since the purchase of the replacement
property, is subject to tax.
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