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<p class="MsoNormal"><span style="font-size:11.0pt">Good afternoon Catherine, The short answer is yes. The structure must be as a Tenant in Common and not a partnership. If they are using an LLC then they need to be the sole member ( Spouses are OK) and
that LLC would be a TIC with the other owner. Note that they would need to elect out of the partnership, status under IRC 761, as partnership is the default in joint ownership. In preparing the operating agreement take note of Rev Proc 2002-022 which has
very specific guidelines that will be violated if you use a standard partnership agreement and just change the designation from partner to co-tenant as many practitioners are tempted to do. I am happy to answer any specific questions you may have. My cell
is 425-870-9530. Thanks, Craig <o:p></o:p></span></p>
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<p class="MsoNormal"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;mso-ligatures:standardcontextual">THE EXCHANGE CONNECTION</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;mso-ligatures:standardcontextual"><o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;mso-ligatures:standardcontextual">Snohomish, WA 98291<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Calibri",sans-serif;mso-ligatures:standardcontextual">CONFIDENTIALITY NOTICE: This electronic mail transmission may contain legally privileged, confidential information belonging to the sender.
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<p class="MsoNormal"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> wsbarp-bounces@lists.wsbarppt.com <wsbarp-bounces@lists.wsbarppt.com>
<b>On Behalf Of </b>Catherine Clark<br>
<b>Sent:</b> Wednesday, May 1, 2024 11:12 AM<br>
<b>To:</b> WSBA Real Property Listserve <wsbarp@LISTS.WSBARPPT.COM><br>
<b>Subject:</b> [WSBARP] 1031 Question<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="color:black">May a person who elects a 1031 Exchange, use the proceeds from the sale of the first property to purchase the second property with another person? If so, what are the rules for such a process.<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="color:black">All direction appreciated.<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="color:black">Thank you.<o:p></o:p></span></p>
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<p><span style="font-family:"Copperplate Gothic Light",sans-serif;color:black">Catherine “Cat” Clark<br>
Law Office of Catherine C. Clark PLLC</span><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:black"> </span><o:p></o:p></p>
<p style="background:white"><span style="font-family:"Copperplate Gothic Light",sans-serif;color:#1F3864">110 Prefontaine Place South, Ste. 304</span><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:black"> </span><o:p></o:p></p>
<p style="background:white"><span style="font-family:"Copperplate Gothic Light",sans-serif;color:#1F3864">Seattle, WA 98104</span><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:black"> </span><o:p></o:p></p>
<p style="background:white"><span style="font-family:"Copperplate Gothic Light",sans-serif;color:black">Phone: (206) 409-8938<br>
Email: <a href="mailto:cat@loccc.com">cat@loccc.com</a><br>
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</span><span style="font-family:"Times New Roman",serif;color:black"> </span><o:p></o:p></p>
<p style="background:white"><span style="font-size:10.5pt;font-family:"Copperplate Gothic Light",sans-serif;color:#1F497D">NOTICE: The information contained in this electronic information transmission is confidential. If you are not the intended recipient,
or the employee or agent responsible for delivering it to the intended recipient, you are hereby notified that any use, dissemination, distribution or copying of this communication is prohibited. If you received this communication in error, please immediately
notify the sender by telephone at (206) 409-8938. Thank you.</span><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:black"> </span><o:p></o:p></p>
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