S Corp 1031 Exchange

Forum|Forum|6 years ago
March 5, 2020
1 reply
12 views

S Corp held real property with two individual shareholders (not husband and wife) on the advice of an Attorney incorporate/organize two separate LLC's sold the S Corp's property and intermediary held funds and purchased two separate properties each under separate LLC's (single disregarded entity). Is this considered a 1031 Exchange?

Lacerte Tax

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Best answer by George4Tacks

I think you need to get a written opinion from the attorney, who might want to hire a tax attorney. Any opinion offered on this anonymous forum wouldn't be worth the paper it isn't written on.

My gut reaction is NO. Entity A sold a property and entities B & C ended up with the properties.

sjrcpa

Level 15

That's a complex run on sentence. Who owned the original piece of real estate? Who owns the LLCs?

The more I know the more I don’t know.

qbteachmt

Level 15

@Lisa139

You asked this Three Times. Please, stay right here, follow up, and help yourself get answered. Your peer users are helping you voluntarily, so it helps to make it easier for them to help you. Thanks.

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