MLchartDataset catalogue

Relinquished property

Term · Law · MLC-T-LAW-004211

The real property a taxpayer gives up in a like-kind exchange under Internal Revenue Code section 1031 in return for replacement property. The sale proceeds are usually held by a qualified intermediary so the taxpayer never has actual or constructive receipt of the cash. The taxpayer must identify replacement property within 45 days of transferring the relinquished property and complete the exchange within 180 days.

Table 1. Record
IdentifierMLC-T-LAW-004211
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-004211",
  "term": "Relinquished property",
  "field": "Law",
  "definition": "The real property a taxpayer gives up in a like-kind exchange under Internal Revenue Code section 1031 in return for replacement property. The sale proceeds are usually held by a qualified intermediary so the taxpayer never has actual or constructive receipt of the cash. The taxpayer must identify replacement property within 45 days of transferring the relinquished property and complete the exchange within 180 days.",
  "url": "https://mlchart.com/terminology/law/relinquished-property/"
}

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