Source: https://www.law.cornell.edu/uscode/search/display.html?terms=1031&url=/uscode/html/uscode26/usc_sec_26_00001031----000-notes.html
Timestamp: 2015-11-26 00:22:14
Document Index: 299881973

Matched Legal Cases: ['§ 44', '§ 201', '§ 212', '§ 77', '§ 1805', '§ 7601', '§ 11701', '§ 1052', '§ 3001', '§ 412', '§ 15342', '§ 4', '§ 15342', '§ 11703', '§ 11701', '§ 77', '§ 15342', '§ 4', '§ 15342', '§ 1052', '§ 11701', '§ 11703', '§ 7601', '§ 77', '§ 2', '§ 212', '§ 2']

Nonrecognition of gain or loss from exchanges solely in kind (1)
In general No gain or loss shall be recognized on the exchange of property held for productive use in a trade or business or for investment if such property is exchanged solely for property of like kind which is to be held either for productive use in a trade or business or for investment.
Exception This subsection shall not apply to any exchange of—
For purposes of this section, an interest in a partnership which has in effect a valid election under section 761
(a) to be excluded from the application of all of subchapter K shall be treated as an interest in each of the assets of such partnership and not as an interest in a partnership.
Requirement that property be identified and that exchange be completed not more than 180 days after transfer of exchanged property For purposes of this subsection, any property received by the taxpayer shall be treated as property which is not like-kind property if—
Gain from exchanges not solely in kind If an exchange would be within the provisions of subsection (a), ofsection 1035(a), of section 1036(a), or of section 1037(a), if it were not for the fact that the property received in exchange consists not only of property permitted by such provisions to be received without the recognition of gain, but also of other property or money, then the gain, if any, to the recipient shall be recognized, but in an amount not in excess of the sum of such money and the fair market value of such other property.
Loss from exchanges not solely in kind If an exchange would be within the provisions of subsection (a), ofsection 1035(a), of section 1036(a), or of section 1037(a), if it were not for the fact that the property received in exchange consists not only of property permitted by such provisions to be received without the recognition of gain or loss, but also of other property or money, then no loss from the exchange shall be recognized.
Basis If property was acquired on an exchange described in this section, section 1035
(a), section 1036(a), or section 1037
(a), then the basis shall be the same as that of the property exchanged, decreased in the amount of any money received by the taxpayer and increased in the amount of gain or decreased in the amount of loss to the taxpayer that was recognized on such exchange. If the property so acquired consisted in part of the type of property permitted by this section, section 1035
(a), to be received without the recognition of gain or loss, and in part of other property, the basis provided in this subsection shall be allocated between the properties (other than money) received, and for the purpose of the allocation there shall be assigned to such other property an amount equivalent to its fair market value at the date of the exchange. For purposes of this section, section 1035
(a), andsection 1036
(a), where as part of the consideration to the taxpayer another party to the exchange assumed (as determined under section 357
(d)) a liability of the taxpayer, such assumption shall be considered as money received by the taxpayer on the exchange.
Exchanges of livestock of different sexes For purposes of this section, livestock of different sexes are not property of a like kind.
Special rules for exchanges between related persons (1)
Certain dispositions not taken into account For purposes of paragraph (1)(C), there shall not be taken into account any disposition—
Related person For purposes of this subsection, the term “related person” means any person bearing a relationship to the taxpayer described in section 267
Treatment of certain transactions This section shall not apply to any exchange which is part of a transaction (or series of transactions) structured to avoid the purposes of this subsection.
Special rule where substantial diminution of risk (1)
In general If paragraph (2) applies to any property for any period, the running of the period set forth in subsection (f)(1)(C) with respect to such property shall be suspended during such period.
Property to which subsection applies This paragraph shall apply to any property for any period during which the holder’s risk of loss with respect to the property is substantially diminished by—
Special rules for foreign real and personal property For purposes of this section—
Real property Real property located in the United States and real property located outside the United States are not property of a like kind.
Personal property (A)
In general Personal property used predominantly within the United States and personal property used predominantly outside the United States are not property of a like kind.
Predominant use Except as provided in subparagraphs (C) and (D), the predominant use of any property shall be determined based on—
Property held for less than 2 years Except in the case of an exchange which is part of a transaction (or series of transactions) structured to avoid the purposes of this subsection—
Special rule for certain property Property described in any subparagraph of section 168
(g)(4) shall be treated as used predominantly in the United States.
Special rules for mutual ditch, reservoir, or irrigation company stock For purposes of subsection (a)(2)(B), the term “stocks” shall not include shares in a mutual ditch, reservoir, or irrigation company if at the time of the exchange—
the mutual ditch, reservoir, or irrigation company is an organization described in section 501
(c)(12)(A) (determined without regard to the percentage of its income that is collected from its members for the purpose of meeting losses and expenses), and
(Aug. 16, 1954, ch. 736, 68A Stat. 302; Pub. L. 85–866, title I, § 44,Sept. 2, 1958, 72 Stat. 1641; Pub. L. 86–346, title II, § 201(c)–(e), Sept. 22, 1959, 73 Stat. 624; Pub. L. 91–172, title II, § 212(c)(1),Dec. 30, 1969, 83 Stat. 571; Pub. L. 98–369, div. A, title I, § 77(a),July 18, 1984, 98 Stat. 595; Pub. L. 99–514, title XVIII, § 1805(d),Oct. 22, 1986, 100 Stat. 2810; Pub. L. 101–239, title VII, § 7601(a),Dec. 19, 1989, 103 Stat. 2370; Pub. L. 101–508, title XI, §§ 11701(h), 11703(d)(1),Nov. 5, 1990, 104 Stat. 1388–508, 1388–517; Pub. L. 105–34, title X, § 1052(a),Aug. 5, 1997, 111 Stat. 940; Pub. L. 106–36, title III, § 3001(c)(2),June 25, 1999, 113 Stat. 183; Pub. L. 109–135, title IV, § 412(pp),Dec. 21, 2005, 119 Stat. 2640; Pub. L. 110–234, title XV, § 15342(a),May 22, 2008, 122 Stat. 1518; Pub. L. 110–246, § 4(a), title XV, § 15342(a),June 18, 2008, 122 Stat. 1664, 2280.)
2008—Subsec. (i). Pub. L. 110–246added subsec. (i).
2005—Subsec. (h)(2)(B). Pub. L. 109–135substituted “subparagraphs” for “subparagraph” in introductory provisions.
1999—Subsec. (d). Pub. L. 106–36, in last sentence, substituted “assumed (as determined under section 357
(d)) a liability of the taxpayer” for “assumed a liability of the taxpayer or acquired from the taxpayer property subject to a liability” and struck out “or acquisition (in the amount of the liability)” after “such assumption”.
1997—Subsec. (h). Pub. L. 105–34amended heading and text of subsec. (h) generally. Prior to amendment, text read as follows: “For purposes of this section, real property located in the United States and real property located outside the United States are not property of a like kind.”
1990—Subsec. (a)(2). Pub. L. 101–508, § 11703(d)(1), inserted at end “For purposes of this section, an interest in a partnership which has in effect a valid election under section 761
(a) to be excluded from the application of all of subchapter K shall be treated as an interest in each of the assets of such partnership and not as an interest in a partnership.”
Subsec. (f)(3). Pub. L. 101–508, § 11701(h), substituted “section 267
(b)(1)” for “section 267
1989—Subsecs. (f) to (h). Pub. L. 101–239added subsecs. (f) to (h).
1986—Subsec. (a)(3)(A). Pub. L. 99–514substituted “on or before the day” for “before the day”.
1984—Subsec. (a). Pub. L. 98–369, § 77(a), in amending subsec. generally, designated existing provisions as par. (1), substituted “No gain or loss shall be recognized on the exchange of property held for productive use in a trade or business or for investment if such property is exchanged solely for property of like kind which is to be held either for productive use in a trade or business or for investment” for “No gain or loss shall be recognized if property held for productive use in trade or business or for investment (not including stock in trade or other property held primarily for sale, nor stocks, bonds, notes, choses in action, certificates of trust or beneficial interest, or other securities or evidences of indebtedness or interest) is exchanged solely for property of a like kind to be held either for productive use in trade or business or for investment”, and added pars. (2) and (3).
1959—Subsecs. (b) to (d). Pub. L. 86–346inserted references to section 1037
(a) in subsecs. (b) and (c) and in first two sentences of subsec. (d).
1958—Subsec. (d). Pub. L. 85–866inserted in first sentence a comma between “exchanged” and “decreased” and “or decreased in the amount of loss”, and substituted in second sentence “subsection” for “paragraph”.
Pub. L. 110–234, title XV, § 15342(b),May 22, 2008, 122 Stat. 1518, and Pub. L. 110–246, § 4(a), title XV, § 15342(b),June 18, 2008, 122 Stat. 1664, 2280, provided that: “The amendment made by this section [amending this section] shall apply to exchanges completed after the date of the enactment of this Act [June 18, 2008].”
Pub. L. 105–34, title X, § 1052(b),Aug. 5, 1997, 111 Stat. 941, provided that:
“(1) In general.—The amendment made by this section [amending this section] shall apply to transfers after June 8, 1997, in taxable years ending after such date.
“(2) Binding contracts.—The amendment made by this section shall not apply to any transfer pursuant to a written binding contract in effect on June 8, 1997, and at all times thereafter before the disposition of property. A contract shall not fail to meet the requirements of the preceding sentence solely because—
Pub. L. 101–508, title XI, § 11701(h),Nov. 5, 1990, 104 Stat. 1388–508, provided that the amendment made by that section is effective with respect to transfers after Aug. 3, 1990.
Pub. L. 101–508, title XI, § 11703(d)(2),Nov. 5, 1990, 104 Stat. 1388–517, provided that: “The amendment made by paragraph (1) [amending this section] shall apply to transfers after July 18, 1984.”
Pub. L. 101–239, title VII, § 7601(b),Dec. 19, 1989, 103 Stat. 2371, provided that:
“(1) In general.—Except as provided in paragraph (2), the amendments made by this section [amending this section] shall apply to transfers after July 10, 1989, in taxable years ending after such date.
“(2) Binding contract.—The amendments made by this section shall not apply to any transfer pursuant to a written binding contract in effect on July 10, 1989, and at all times thereafter before the transfer.”
Pub. L. 98–369, div. A, title I, § 77(b),July 18, 1984, 98 Stat. 596, as amended by Pub. L. 99–514, § 2,Oct. 22, 1986, 100 Stat. 2095, provided that:
“(1) In general.—Except as otherwise provided in this subsection, the amendment made by subsection (a) [amending this section] shall apply to transfers made after the date of the enactment of this Act [July 18, 1984] in taxable years ending after such date.
“(2) Binding contract exception for transfer of partnership interests.—Paragraph (2)(D) of section 1031(a) of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] (as amended by subsection (a)) shall not apply in the case of any exchange pursuant to a binding contract in effect on March 1, 1984, and at all times thereafter before the exchange.
“(3) Requirement that property be identified within 45 days and that exchange be completed within 180 days.—Paragraph (3) of section 1031(a) of the Internal Revenue Code of 1986 (as amended by subsection (a)) shall apply—
“(A) to transfers after the date of the enactment of this Act [July 18, 1984], and
“(B) to transfers on or before such date of enactment if the property to be received in the exchange is not received before January 1, 1987.
“(4) Special rule where property identified in binding contract.—If the property to be received in the exchange is identified in a binding contract in effect on June 13, 1984, and at all times thereafter before the transfer, paragraph (3) shall be applied—
“(A) by substituting ‘January 1, 1989’ for ‘January 1, 1987’, and
“(B) by substituting ‘January 1, 1990’ for ‘January 1, 1988’.
“(5) Special rule for like-kind exchange of partnership interests.—Paragraph (2)(D) of section 1031(a) of the Internal Revenue Code of 1986 (as amended by subsection (a)) shall not apply to any exchange of an interest as general partner pursuant to a plan of reorganization of ownership interest under a contract which took effect on March 29, 1984, and which was executed on or before March 31, 1984, but only if all the exchanges contemplated by the reorganization plan are completed on or before December 31, 1984.”
Pub. L. 91–172, title II, § 212(c)(2),Dec. 30, 1969, 83 Stat. 571, as amended by Pub. L. 99–514, § 2,Oct. 22, 1986, 100 Stat. 2095, provided that: “The amendment made by paragraph (1) [amending this section] shall apply to taxable years to which the Internal Revenue Code of 1986 [formerly I.R.C. 1954] applies.”
Amendment by Pub. L. 86–346effective for taxable years ending after Sept. 22, 1959, see section 203 ofPub. L. 86–346, set out as an Effective Date note under section 1037 of this title.
We truncate results at 20000 items. After that, you're on your own. Like Kind Property : 2015-08-07
Like Kind Property : 2015-07-31
Deferred Exchanges : 2014-09-12
Deferred Exchanges : 2014-04-18
Exchange of Property Held for Productive Use or Investment : 2014-04-18
Exchange of Property Held for Productive Use or Investment : 2014-03-14
Deferred Exchanges : 2014-02-21
Exchange of Property Held for Productive Use or Investment : 2014-02-21
Exchanges Not Solely In Kind : 2013-06-21
Exchange of Property Held for Productive Use or Investment : 2013-03-29
Deferred Exchanges : 2013-02-22
Exchange of Property Held for Productive Use or Investment : 2013-01-11
Deferred Exchanges : 2012-12-28
Multi-Party Exchanges : 2012-12-28
Deferred Exchanges : 2012-10-19
Exchange of Property Held for Productive Use or Investment : 2012-10-19
Deferred Exchanges : 2012-09-21
Like Kind Property : 2012-09-21
Like Kind Property : 2012-05-18
Like Kind Property : 2012-04-20
Deferred Exchanges : 2010-12-03
Deferred Exchanges : 2010-07-30
Multi-Party Exchanges : 2010-07-30
Exchange of Property Held for Productive Use or Investment : 2010-07-09
Earnings and Profits : 2010-07-09
Subpart F Income Defined : 2010-07-09
Property Used in the Trade or Business : 2010-06-25
Like Kind Property : 2010-06-25
Need for Inventories : 2010-06-25
Like Kind Property : 2010-06-18
Property Held For Productive Use or Investment : 2010-06-18
Deferred Exchanges : 2010-04-02
Like Kind Property : 2010-04-02
Exchange of Property Held for Productive Use or Investment : 2009-05-15
Exchange of Property Held for Productive Use or Investment : 2009-05-08
Like Kind Property : 2009-03-20
Like Kind Property : 2009-03-13
Deferred Exchanges : 2009-02-27
Deferred Exchanges : 2009-02-20
Like Kind Property : 2009-01-02
Like Kind Property : 2008-10-17
Like Kind Real Estate : 2008-10-17
Deferred Exchanges : 2008-09-05
Section 704(c) Considerations : 2008-07-18
Exchange of Property Held for Productive Use or Investment : 2008-07-18
Exchanges Not Solely In Kind : 2008-05-16
Property Held For Productive Use or Investment : 2008-03-21
Deferred Exchanges : 2008-03-07
Multi-Party Exchanges : 2008-03-07
Exchange of Property Held for Productive Use or Investment : 2008-02-15
Like Kind Real Estate : 2008-02-01
Deferred Exchanges : 2008-01-18
Exchange of Property Held for Productive Use or Investment : 2007-08-10
Exchange of Property Held for Productive Use or Investment : 2007-07-27
Exchange of Property Held for Productive Use or Investment : 2007-07-13
Multi-Party Exchanges : 2007-07-13
Like Kind Property : 2007-06-15
Deferred Exchanges : 2007-05-04
Exchange of Property Held for Productive Use or Investment : 2007-05-04
Like Kind Real Estate : 2007-05-04
Exchange of Property Held for Productive Use or Investment : 2007-03-23
Like Kind Real Estate : 2007-03-23
Multi-Party Exchanges : 2007-03-02
Imposition of Gift Tax (Imposed v. Not Imposed) : 2007-02-23
Exchange of Property Held for Productive Use or Investment : 2007-02-09
Property Held For Productive Use or Investment : 2006-12-22
Like Kind Property : 2006-12-22
Like Kind Property : 2006-12-08
Like Kind Real Estate : 2006-08-04
Multi-Party Exchanges : 2006-07-28
Multi-Party Exchanges : 2006-04-21
Like Kind Property : 2006-01-13
Exchange of Property Held for Productive Use or Investment : 2005-10-14
Property Held For Productive Use or Investment : 2005-08-12
Property Held For Productive Use or Investment : 2005-05-27
Deferred Exchanges : 2004-12-10
Like Kind Property : 2004-12-10
Deferred Exchanges : 2004-10-01
Deferred Exchanges : 2004-07-09
Like Kind Property : 2004-06-11
Exchanges Not Solely In Kind : 2004-01-23
Exchange of Property Held for Productive Use or Investment : 2003-11-14
Determination Under the Facts : 2003-11-14
Exchanges of Insurance Policies : 2003-10-17
Basis : 2003-10-17
Deferred Exchanges : 2003-09-19
Exchange of Property Held for Productive Use or Investment : 2003-07-18
Exchange of Property Held for Productive Use or Investment : 2003-07-04
Exchange of Property Held for Productive Use or Investment : 2002-12-20
Modified Accelerated Cost Recovery System : 2002-11-01
Basis : 2002-11-01
Exchange of Property Held for Productive Use or Investment : 2002-10-18
Deferred Exchanges : 2002-10-11
Exchange of Property Held for Productive Use or Investment : 2002-10-11
Deferred Exchanges : 2002-10-04
Deferred Exchanges : 2002-09-06
Like Kind Property : 2002-06-14
Definition of Involuntary Conversion Events : 2002-05-10
Like Kind Real Estate : 2002-05-10
Deferred Exchanges : 2002-03-15
General Rule for Taxable Year of Deduction (Year Paid v. Not Year Paid) : 2002-03-01
General Rule for Taxable Year of Deduction (Year Paid v. Not Year Paid) : 2002-02-22
Exchange of Property Held for Productive Use or Investment : 2002-01-18
Exchange of Property Held for Productive Use or Investment : 2002-01-04
Exchange of Property Held for Productive Use or Investment : 2001-12-21
Exchange of Property Held for Productive Use or Investment : 2001-11-30
Exchange of Property Held for Productive Use or Investment : 2001-09-14
Like Kind Real Estate : 2001-09-14
Exchange of Property Held for Productive Use or Investment : 2001-08-03
Deferred Exchanges : 2001-07-27
Multi-Party Exchanges : 2001-06-29
Exchange of Property Held for Productive Use or Investment : 2001-05-04
Like Kind Real Estate : 2001-03-16
Deferred Exchanges : 2001-03-02
Exchange of Property Held for Productive Use or Investment : 2001-02-02
General Rule for Taxable Year of Inclusion (Year Received v. Not Year Received) : 2001-02-02
Deferred Exchanges : 2000-12-01
Exchange of Property Held for Productive Use or Investment : 2000-12-01
Special Rule for Outdoor Advertising Displays : 2000-10-13
Recovery Period : 2000-10-13
Like Kind Real Estate : 2000-10-13
Like Kind Property : 2000-10-06
Coordination of United States and Virgin Islands Income Taxes : 2000-10-06
Exchange of Property Held for Productive Use or Investment : 2000-09-29
Gift v. Not a Gift : 2000-09-08
Constructive Additions : 2000-09-08
Like Kind Property : 2000-09-08
Like Kind Property : 2000-09-01
Exchange of Property Held for Productive Use or Investment : 2000-07-07
Deferred Exchanges : 2000-05-12
Organizations Treated as a Partnership : 2000-05-12
Decrease in Partner's Liabilities : 2000-05-12
Property Held For Productive Use or Investment : 2000-05-12
Organizations Not Treated as a Partnership : 2000-05-12
Increase in Partner's Liabilities : 2000-05-12
Like Kind Property : 1999-12-24
Excepted Property : 1999-12-24
Like Kind Real Estate : 1999-11-12
Exchanges of Qualified Real Property : 1999-11-12
Like Kind Property : 1999-10-15
Termination : 1999-09-03
Exchange of Property Held for Productive Use or Investment : 1999-09-03
Exchange of Property Held for Productive Use or Investment : 1999-08-06
Multi-Party Exchanges : 1999-07-23
Exchange of Property Held for Productive Use or Investment : 1999-07-02
Deferred Exchanges : 1999-02-19
Involuntary Conversion : 1999-02-19
Partnership Elections : 1999-02-19