Internal Revenue Code section 1031 provides that gain or loss is not generally recognized with respect to the disposition of property to the extent that such property is exchanged for like-kind property.
Implicit in the term “exchange” is a requirement that the same taxpayer who disposed of property receive like-kind property. Section 1031, however, permits a “deferred exchange,” where up to 180-days may elapse between the transfer of the relinquished property and the acquisition of the replacement property. What happens if a taxpayer dies during this 180 day period?
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