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Section 1031
(redirected from Internal Revenue Code section 1031)

   Also found in: Wikipedia 0.01 sec.
Section 1031
A section of the U.S. Internal Revenue Service Code that allows investors to defer capital gains taxes on any exchange of like-kind properties for business or investment purposes. Taxes on capital gains are not charged upon sale of a property as the money is being used to purchase another property - the payment of tax is deferred until property is sold with no re-investment.

Notes:
The idea behind this section of the tax code is that when an individual or a business sells a property to buy another, no economic gain has been achieved. There has simply been a transfer from one property to another. For example, if a real estate investor sells an apartment building to buy another one, he or she will not be charged tax on any gains he or she made on the original apartment building. When the investor sells the original apartment building and purchases a new one, the value used from the original to buy the new one has not changed - the only thing that has changed is where the value resides.


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Regardless of the route you take --forward or reverse--the destination is the same: Under Internal Revenue Code Section 1031, so long as both the relinquished and replacement properties are used in business or held for investment, capital gains and other taxes are deferred until the replacement property is sold.
INTERNAL REVENUE CODE SECTION 1031, tax deferred exchanges, provides one of the last available tax shelters by allowing permanent deferral of the payment of any taxes when investment properties are sold.
These companies were acquired during March 2006 and perform tax-deferred property exchanges under Internal Revenue Code Section 1031.
 
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