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26 U.S.C. § 1031


A provision of the Internal Revenue Code that governs like-kind exchanges of real property held for productive use or investment, providing that no gain or loss is recognized on the exchange of real property if it is exchanged for the same kind of real property to be put to the same use. A 1031 exchange allows a taxpayer to defer recognition of capital gains and tax liability.

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Bloomington Coca-Cola Bottling Co. v. Commissioner