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A 1031 Tax-Free Exchange is a transaction in which a taxpayer is allowed to exchange one investment property (relinquished property) for another (replacement property) by deferring the tax consequence of a sale. The transaction is authorized by §1031 of the IRS Code. Under section 1031, any proceeds received from the sale of a property remain taxable. For that reason, proceeds from the sale of the relinquished property, must be transferred to a qualified intermediary (Virginia Commonwealth Bank), rather than the seller of the relinquished property, and the qualified intermediary transfers the proceeds to the seller of the replacement property or properties.
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