Adopted Treasury regulations concerning identification
of replacement property:
3 Property Rule
Three properties without regard to the fair market values of the replacement properties.
Or
200 Percent Rule
Any number of properties as long as their aggregate fair market value as of the end of the identification period does not exceed 200 percent of the aggregate fair market value of all the relinquished properties as of the date the relinquished properties were transferred by the Exchanger.
Or
95 Percent Rule
Any number of replacement properties identified before the end of the identification period and received before the end of the exchange period, but only if the Exchanger receives before the end of the exchange period identified replacement property the fair market value of which is at least 95 percent of the aggregate fair market value of all identified replacement properties.
Description of Replacement Property
[IRS Section 1031 (K)(1)(C)(3)]
Replacement property is identified only if it is unambiguously described in the identification notice or exchange agreement. Real property is unambiguously described if it is described by a legal description, street address, or distinguishable name (e.g. the Mayfair Apartment Building, include street, unit#, city, state and any other distinguishable or unique property descriptions.
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