The Multiple Exchange or "The Lil Ole Lady From Pasadena" 7594243599092533555-blid-2358945778940045518

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As I progressed in any career as a Realtor I became very interested in Real Estate Exchanges - Exchanging one property or properties for another. If you are not familiar with this technique I will give you a brief explanation how it works. Section 1031 of the Internal Revenue code states that if you exchange a property that you hold for business or investment for another property that you intend to hold as a business or investment - then you do not have to pay taxes on your gain; your taxes are not forgiven, they are deferred. However, if in the exchange a party receives an "unlike property", such as cash, mortgage relief, etc., then that "unlike property" is taxable. Cash received in an exchange, is like Kryptonite is to Superman.
from: http://ezinearticles.com/?The-Multiple-Exchange-or-The-Lil-Ole-Lady-From-Pasadena&id=5891222