(Solved) : Journal Assignment 31 . . .

Question Description

ASSIGNMENT

In this Assignment you will do some research regarding estate planning and the 1031 exchange law (from Chapter 7).

Scenario: An older couple owns a small apartment building that they want to trade for 10 single family homes. By doing a 1031 exchange into the homes the couple can defer the gain on the sale of the apartment building until the single family homes are sold. The couple plan to live in one of the new homes purchased and will rent the balance of the homes.

Instructions: Go to the Internet and research the rules for a 1031 exchange and