People love to name everyday things they do after the legal section numbers that govern those things. If they need to file for their taxes, they'll say that need to do their 1099s for instance. There are lots of others too, if you would care to look for them. Businesses that deal in real estate – as a matter of business or in a casual manner – both often tend to speak of the doing a 1031 exchange of property. To the uninitiated, this might be a little mystifying. What exactly is that number?
As you might guess, the curious number is the section under which the rules to do with exchange of property are listed by the Internal Revenue Service. Quoting legal section numbers tends to be a kind of insider vernacular to lots of people. Usually, those intimidating -ounding section numbers just mask how simple the concept under discussion really is.
As you might guess, the curious number is the section under which the rules to do with exchange of property are listed by the Internal Revenue Service. Quoting legal section numbers tends to be a kind of insider vernacular to lots of people. Usually, those intimidating -ounding section numbers just mask how simple the concept under discussion really is.