Business and Personal Finance Dictionary

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• TAX DEFERRED EXCHANGE (1031 EXCHANGE)
  
  Under Section 1031 of the Internal Revenue Code, some or all of the realized gain from the exchange of property may not need to be immediately recognized for tax purposes. Both properties in an exchange must be held for productive use in trade or business or for investment and must be of a like-kind. (See like-kind, realized capital gain)
  
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