[WSBARP] 1031 Exchange and Like Kind Property
Jim Doran
jim at doranlegal.com
Mon Apr 20 23:12:50 PDT 2015
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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