[WSBAPT] 1031 exchange question

[Craig Gourley]

Correct. This answer applies only to qualified property under section 1031 of the IRS code.

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Roger Hawkes
Sent: Monday, June 7, 2021 12:08 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] 1031 exchange question

Thanks, Craig.  That is for tax deferral purposes only, I believe.  Anything can be bought; it is just what impact it has and whether enforcement is possible.

Roger Hawkes, WSBA # 5173
Hawkes Law Firm and Sultan Lawyers
19944 Ballinger Way NE, Shoreline, WA 98155 and
423 Main, Sultan, WA 98294
206 367 5000
360 799 6438

From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> <wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com>> On Behalf Of Craig Gourley
Sent: Monday, June 7, 2021 11:41 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: Re: [WSBAPT] 1031 exchange question

Hi Betsy,  The answer is no.  The license is not an interest in real property and therefore can not be exchanged at all.  Under current rules, only real property can be exchanged.  Hope that helps.  Craig

Gourley Law Group
Snohomish Escrow
The Exchange Connection

1002 10th Street / PO Box 1091
Snohomish, WA 98291

360.568.5065
360.568.8092  fax
Craig at glgmail.com<mailto:Craig at glgmail.com>


Be Aware! Online banking fraud is on the rise. If you receive an email containing Wire transfer instructions call us immediately to verify the information prior to sending any funds!

CONFIDENTIALITY NOTICE: This electronic mail transmission may contain legally privileged, confidential information belonging to the sender. The information is intended only for the use of the individual or entity named above. If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution or taking any action based on the contents of this electronic mail is strictly prohibited. If you have received this electronic mail in error, please contact sender and delete all copies

IMPORTANT NOTICE - This message sourced from an external mail server outside of the Company. DO NOT CLICK links or attachments unless you recognize the sender and know the content is safe.



From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> <wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com>> On Behalf Of betsy at bwattorney.com<mailto:betsy at bwattorney.com>
Sent: Monday, June 7, 2021 9:49 AM
To: wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] 1031 exchange question

I am probably wording this incorrectly or awkwardly at best, but here is my inquiry:  Can the proceeds from the sale of a business license (I-502 marijuana license to be exact in this case) be used to buy income property in a 1031 exchange?

Thanks for any insight provided!



[cid:image001.png at 01D75B97.668BDB70]

www.bwattorney.com<http://www.bwattorney.com/> | betsy at bwattorney.com<mailto:betsy at bwattorney.com> | 206.705.3613 | 5608 17th Ave NW, Ste 1181, Seattle, 98107

NOTICE:  The information contained in this email may be confidential and/or legally privileged.  It has been sent for the sole use of the intended recipient(s).  If the reader of this message is not an intended recipient, you are hereby notified that any unauthorized review, use, disclosure, dissemination, distribution or copying of this communication, or any of its contents, is strictly prohibited.  If you have received this communication in error, please contact the sender by reply email, or at (206) 705-3613, and destroy all copies of the original message.

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20210607/c8b181ae/attachment.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 23900 bytes
Desc: image001.png
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20210607/c8b181ae/image001.png>