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Thanks, Jack!

I did some cruising through the home ownership board, too and found the following:

"A third party can also acquire the property you want
and effect the transfer to
you tax deferred. For example, someone may want to
acquire your investment
property, but you do not want his particular property
in trade. A third party
agrees to act as a "straw person", assists another
buyer entirely to acquire the
property of the buyer interested in buying your
property, then within escrow the
funds and title are transferred simultaneously so
that effectively a 1031 exchange
for all parties can be achieved. This is a more
complicated procedure and needs
an experienced attorney and closing agent to ensure
that all IRS regulations are
adhered to. One of my acquaintances participated in a
chain, so to speak, of
such simultaneous closings. I believe that 14
individual entities were involved.
That was a very unusually 1031 exchange but feasible
for skilled parties."

Is this an accurate description of a 1031 exchange? I'm curious to know why this would/would not meet my parents' needs.

Thanks again,

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