[WSBARP] 1031 Exchange and Like Kind Property

[Jim Doran]

Of course.  You did it for a client.  This is actually for myself.  Maybe we need your services.

 

James R. Doran

Attorney at Law

100 E. Pine Street – Suite 205

Bellingham, WA 98225

(360)393-9506

 <mailto:jim at doranlegal.com> jim at doranlegal.com

www.doranlegal.com

 

From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Bryce Dille
Sent: Monday, April 20, 2015 7:53 PM
To: wsbarp at lists.wsbarppt.com
Subject: Re: [WSBARP] 1031 Exchange and Like Kind Property

 

I have acted as Facilitator on the ones I have done.

 

Sent from my BlackBerry 10 smartphone on the Verizon Wireless 4G LTE network.


From: Jim Doran

Sent: Monday, April 20, 2015 6:45 PM

To: 'WSBA Real Property Listserv'

Reply To: WSBA Real Property Listserv

Cc: Lloyd McGee

Subject: Re: [WSBARP] 1031 Exchange and Like Kind Property

 

Ok.  The timber gets cut under a contract to buy it, so I guess that means it is sold as real estate, right.  

 

Who do you use as the 1031 faciltator?

 

James R. Doran

Attorney at Law

100 E. Pine Street – Suite 205

Bellingham, WA 98225

(360)393-9506

jim at doranlegal.com <mailto:jim at doranlegal.com> 

www.doranlegal.com <http://www.doranlegal.com> 

 

From: wsbarp-bounces at lists.wsbarppt.com <mailto:wsbarp-bounces at lists.wsbarppt.com>  [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Bryce Dille
Sent: Monday, April 20, 2015 5:21 PM
To: WSBA Real Property Listserv
Subject: Re: [WSBARP] 1031 Exchange and Like Kind Property

 

The sale of standing timber is considered as real estate see WAC 458-61A-113  since it is subject to the real estate excise tax. I have done several of these types of 1031s  and never questioned as long as timber is still in the ground when sold.

 

This transmission contains confidential attorney-client communications and may not be disclosed to any person but the intended recipient(s).  If this matter is transmitted to you in error, please notify the sender immediately.

 

Bryce H. Dille 

Campbell, Dille, Barnett & Smith,  PLLC

P.O. Box 488

Puyallup, WA  98371

Voice:  253.848.3513

Fax: 253.845.4941

 <mailto:bryced at cdb-law.com> bryced at cdb-law.com

 

Business Entity Creation and Management

Business, Government and Tax Law

Real Estate and Land Use, Residential, Commercial and Condominium Development

Real Estate and Commercial Transactions & Closings, Including Performing Services as IRS Section 1031 Exchange Facilitator

Estate Planning, including Wills and Trusts, and Probate Administration

Representation Homeowners/Condominium Association Real Estate Developments

Real Property Foreclosures and Forfeitures

 

From: wsbarp-bounces at lists.wsbarppt.com <mailto:wsbarp-bounces at lists.wsbarppt.com>  [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Jim Doran
Sent: Monday, April 20, 2015 4:10 PM
To: 'WSBA Real Property Listserv'
Subject: [WSBARP] 1031 Exchange and Like Kind Property

 

Here is the line from the IRS information website that I think clearly denies the use of a 1031 Exchange to a the situation where the owner of real property with timber on it sells the timber and then wants to use the proceeds from the timber sale to buy more real estate.  The trees are personal property, are they not?

 

“Real property and personal property can both qualify as exchange properties under Section 1031; but real property can never be like-kind to personal property.”   

 

James R. Doran

Attorney at Law

100 E. Pine Street – Suite 205

Bellingham, WA 98225

(360)393-9506

jim at doranlegal.com <mailto:jim at doranlegal.com> 

www.doranlegal.com <http://www.doranlegal.com> 

 





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