Discussion:1031 exchange between LLC & S Corp - Same Owner
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Discussion Forum Index --> Tax Questions --> 1031 exchange between LLC & S Corp - Same Owner
| 19 June 2007 | |
| I have a client who owns rental properties under several LLC's and builds new homes under his S Corp. He is about to sell one of his rental homes from his LLC and I was wondering if he could purchase a new home that he has built from his S Corp using a 1031? We already have a QI with the title company who will take care of the sell of the rental property, he just wants to buy a home from his S Corp instead of a seperate individual since he already builds homes himself? Any ideas....Thanks... | |
Sherman1031 (talk|edits) said: | 21 June 2007 |
| The S Corporation is a related party and taxpayers cannot purchase replacement property from a related party (Rev. Rul. 2002-83), unless the related party is also doing an exchange (PLR 200440002 and PLR 200616005). | |
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