why does the instructions for like kike exchange say "you will account for this deferred gain when you dispose of this property..."? that is why we have a deferred gain = we sold the relinquished property, we aren't going to sell it again. please explain.
the deferred gain reduced the basis of the acquired property. if this is sold in a non 1031 transaction, the deferred gain will be recognized. 1031 merely defers taxation
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