A 1031 tax deferred exchange is the method by which a taxpayer who owns property, which has been held for investment or in connection with a trade or business, can exchange the property for like kind property, which will also be held for investment or in connection with a trade or business, and defer paying taxes on some or all of the capital gains.

For investments held by individuals, the deferral can continue through any number of exchanges until the tax liability is extinguished by death. The regulations which govern exchange transactions are in Section 1031 of the Internal Revenue Code.

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