WHAT ARE THE REQUIREMENTS RELATING TO THE IDENTIFICATION OF REPLACEMENT PROPERTY?
All replacement property to be acquired in the exchange must be “unambiguously described” by legal description, assessor’s parcel number or tax map key or equivalent number, or address, distinguishable name, etc., and made in a written document executed by the exchanger and hand-delivered, mailed, telecopied or otherwise sent to a person involved in the exchange who is not a disqualified party – preferably the Intermediary. A single exception to the identification requirement is provided, which deems any replacement property actually acquired by the exchanger within the 45-day Identification Period to be duly identified property. You should document the sending and/or delivery of the identification letter and confirm their receipt. Every attempt should be made and reviewed for conformance and accuracy in advance of the last day of the Identification Period. A non-conforming identification sent by fax or mail and received by the Intermediary on the last day of an Identification Period w
