Section 1031 Exchange definition

Section 1031 Exchange means an exchange conducted pursuant to 26 U.S.C. sec. 1031 that allows investors to defer the tax on capital gains.
Sample 1Sample 2Sample 3
Section 1031 Exchange means a transaction intended to qualify for nonrecognition of gain or loss under Section 1031 of the Code pursuant to which the Borrower or a Restricted Subsidiary of the Borrower would exchange Oil and Gas Properties owned by it for Oil and Gas Properties owned by a third party.
Sample 1Sample 2Sample 3
Section 1031 Exchange means a Forward 1031 Exchange, a Reverse 1031 Exchange and any other analogous transaction intended to qualify for non-recognition of gain or loss under Section 1031 of the Code pursuant to which the Borrower and/or any of its Restricted Subsidiaries exchange Properties owned by them for Properties owned by a third party.
Sample 1Sample 2

Examples of Section 1031 Exchange in a sentence

  • In connection therewith, and notwithstanding anything herein to the contrary, Purchaser shall cooperate with Seller and shall take, and consent to Seller taking, any action in furtherance of effectuating a Section 1031 Exchange (including, without limitation, any action undertaken pursuant to Revenue Procedure 2000-37, 2000-40.

  • In addition to the representations and warranties made above, you further agree that: a) each Client has authorized you to act as a Qualified Intermediary (as defined in the Internal Revenue Code and Treasury Regulations) in connection with a Section 1031 Exchange, and b) you have filed all required notices (if any) with the Internal Revenue Service regarding your status as a Qualified Intermediary.

  • We may request, and you agree to provide, documentation related to a Section 1031 Exchange for which the Exchange Funds are held in Subsidiary Account(s) at the Bank, including but not limited to agreements between you and Client that provide evidence of the Section 1031 Exchange services being performed by you for Client, and/or agreements between you and Client disclosing the processing instructions that we are performing on the Subsidiary Account(s), as requested by you to us.

  • You agree that each Subsidiary Account will be opened and operated in connection with a Section 1031 Exchange by a Client in accordance with Section 1031(a) of the Internal Revenue Code and the Treasury Regulations thereunder, as well as any agreements entered between you and each Client.

  • Upon discovering this, the employer terminated the employee for just cause, which was then challenged by the employeebefore the courts.

  • Tax practitioners have long wondered whether it may be possible to engage in a Section 1031 Exchange for “dual use” property, such as vacation property at the beach or in the mountains, or even for property used as the taxpayer's primary residence.

  • Seller agrees that it will cooperate, without cost or expense to Seller, with Buyer in effectuating an Internal Revenue Service Section 1031 Exchange with this Property, provided (a) Seller will not be required to take title to any exchange property and (b) the exchange does not delay Closing.

  • Either party may desire to use their sale or purchase as part of an Internal Revenue Code Section 1031 Exchange.

  • It is possible that the qualification of a transaction as a Section 1031 Exchange could be successfully challenged and determined to be currently taxable.

  • Vendors should enter “no bid” or “NB” on each item and/or rental period that they do not wish to bid on.


More Definitions of Section 1031 Exchange

Section 1031 Exchange means a like kind tax-free exchange of real property interests in accordance with Section 1031 of the Internal Revenue Code.
Sample 1Sample 2
Section 1031 Exchange means a transaction intended to qualify as tax-free under Section 1031 of the Code.
Sample 1Sample 2
Section 1031 Exchange. Seller understands and acknowledges that a material inducement to Purchaser's entry into this Agreement is the right of the Purchaser to structure the transaction contemplated by this Agreement so as to qualify as a tax free exchange of like kind property in compliance with the provisions of Section 1031 of the Internal Revenue Code of 1986, as amended ("Section 1031"). Seller agrees to cooperate in all reasonable respect to allow Purchaser to structure the transactions contemplated in this Agreement as like kind exchanges in compliance with the provisions of Section 1031 and the regulations promulgated thereunder (the "Regulations") and Purchaser shall be entitled to determine and designate which transactional structures permitted by Section 1031 and the Regulations shall be used in connection with its Section 1031 exchanges. Without limiting the generality of the foregoing, Purchaser may enter into written exchange agreements or assignment agreements at any time prior to the closing with a "Qualified Intermediary" [as defined in Section 1.1031(k)-1(g)(4)(iii)] for the assignment of the rights of Purchaser under this Agreement to such "Qualified Intermediary" (each, an "Intermediary") for purposes only of its Section 1031 exchanges. The relevant Intermediary shall be designated in writing by Purchaser to Seller, and in such case Seller shall sign and deliver to Purchaser a written instruction (to be prepared by Purchaser) acknowledging the designation of the Intermediary and the assignment of the right, title and interest of Purchaser under this Agreement to the Intermediary. Upon designation of the Intermediary by Purchaser and upon the Intermediary's written assumption of the obligation of Purchaser hereunder, the Intermediary shall be substituted as Purchaser of the Premises under this Agreement. In such case, Seller agrees to convey title to the Premises to any party designated in writing to the Seller by the Intermediary and to render the performance of all Seller's obligations under this Agreement to the Intermediary, subject to the requirements of this Agreement. Purchaser shall bear any and all costs attributable to Purchaser's election to close these transactions as Section 1031 exchanges, and Seller shall not bear any cost or expense in excess of its responsibilities under a direct two-party conveyance. Purchaser's qualification of the transactions contemplated by this Agreement as Section 1031 tax free exchanges is not a condition precedent to ...
Sample 1
Section 1031 Exchange has the meaning ascribed to such term in Section 10.7.
Sample 1
Section 1031 Exchange means, with respect to any property, the exchange xx xxxx xroperty for property of like kind in a transaction qualifying under Section 1031 of the Code in which not more than 10% of the built-in gain associated with such property is required to be recognized by the partners of the Operating Partnership for federal income tax purposes.
Sample 1
Section 1031 Exchange means a tax-deferred exchange in accordance with Section 1031 of the Code, as structured by Welltower and its tax advisors.
Sample 1

Related to Section 1031 Exchange

  • 1031 TAX EXCHANGE The seller of this property may facilitate this sale by use of a 1031 Exchange, and the buyer agrees to sign additional 1031 Exchange documents if required. The undersigned hereby ratify, accept and agree to the contract and acknowledge receipt of a copy thereof. SAMPLE CONDITION OF PROPERTY: THE PURCHASER UNDERSTANDS THAT THE SELLER ACQUIRED THE PROPERTY BY FORECLOSURE, DEED-IN-LIEU OF FORECLOSURE, FORFEITURE, TAX SALE, RIGHT OF EMINENT DOMAIN OR SIMILAR PROCESS AND CONSEQUENTLY AND OR ANY OTHER WAY. THE SELLER HAS LITTLE OR NO DIRECT KNOWLEDGE CONCERNING THE CONDITION OF THE PROPERTY. XXXXX HAS HAD THE RIGHT TO INSPECT PROPERTY. THE PROPERTY IS SOLD AS IS, SUBJECT TO ANY AND ALL LOCAL GOVERMENT HOUSING CODE VIOLATIONS. AS A MATERIAL PART OF THE CONSIDERATION TO BE RECEIVED BY THE SELLER UNDER THIS AGREEMENT AS NEGOTIATED AND AGREED TO BY THE PURCHASER AND THE SELLER, THE PURCHASER ACKNOWLEDGES AND AGREES TO ACCEPT THE PROPERTY IN "AS IS" CONDITION AT THE TIME OF CLOSING, INCLUDING, WITHOUT LIMITATION, ANY HIDDEN DEFECTS OR ENVIRONMENTAL CONDITIONS AFFECTING THE PROPERTY, WHETHER KNOWN OR UNKNOWN WHETHER SUCH DEFECTS OR CONDITIONS WERE DISCOVERABLE THROUGH INSPECTION OR NOT. THE PURCHASER ACKNOWLEDGES THAT THE SELLER, ITS AGENTS AND REPRESENTATIVES HAVE NOT MADE AND THE SELLER SPECIFICALLY NEGATES AND DISCLAIMS ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTEES, IMPLIED OR EXPRESS, ORAL OR WRITTEN IN RESPECT TO: (A) THE PHYSICAL CONDITION OR ANY OTHER ASPECT OF THE PROPERTY INCLUDING THE STRUCTURAL INTEGRITY OR THE QUALITY OR CHARACTER OF MATERIALS USED IN CONSTRUCTION OF ANY IMPROVEMENTS, AVAILABILITY AND QUANTITY OR QUALITY OF WATER, STABILITY OF THE SOIL, SUSCEPTIBILITY TO LANDSLIDE OR FLOODING, SUFFICIENCY OF DRAINAGE, WATER LEAKS, WATER DAMAGE, MOLD OR ANY OTHER MATTER AFFECTING THE STABILITY, INTEGRITY, OR CONDITION OF THE PROPERTY OR IMPROVEMENTS; THE PHYSICAL CONDITION OR ANY OTHER ASPECT OF THE PROPERTY INCLUDING THE STRUCTURAL INTEGRITY OR THE QUALITY OR CHARACTER OF MATERIALS USED IN CONSTRUCTION OF ANY IMPROVEMENTS, AVAILABILITY AND QUANTITY OR QUALITY OF WATER, STABILITY OF THE SOIL, SUSCEPTIBILITY TO LANDSLIDE OR FLOODING, SUFFICIENCY OR DRAINAGE, WATER LEAKS, WATER DAMAGE, MOLD OR ANY OTHER MATTER AFFECTING THE STABILITY, INTEGRITY, OR CONDITION OF THE PROPERTY OR IMPROVEMENTS;

  • Cooperative Stock With respect to a Cooperative Loan, the single outstanding class of stock, partnership interest or other ownership instrument in the related Cooperative.

  • Taxable REIT Subsidiary means a “taxable REIT subsidiary” within the meaning of Section 856(l) of the Code.

  • the Code means the Pension Regulator’s Code of Practice No 14 governance and administration of public service pension schemes.

  • Cooperative Stock Certificate With respect to a Cooperative Loan, the stock certificate or other instrument evidencing the related Cooperative Stock.

  • Qualified Exchange means any legal defeasance, redemption, retirement, repurchase or other acquisition of Capital Stock or Indebtedness of the Company issued on or after the Issue Date with the Net Cash Proceeds received by the Company from the substantially concurrent sale of its Qualified Capital Stock or any exchange of Qualified Capital Stock of the Company for any Capital Stock or Indebtedness of the Company issued on or after the Issue Date.

  • Qualified REIT Subsidiary means any Subsidiary of the General Partner that is a “qualified REIT subsidiary” within the meaning of Section 856(i) of the Code.

  • Business Combination Agreement shall have the meaning given in the Recitals hereto.

  • Reorganization Transactions shall have the meaning set forth in the recitals.

  • Asset Transfer Agreement means the asset transfer agreement dated September 12, 2014 between Centurion Real Estate Opportunities Trust and Centurion Apartment REIT pursuant to which Centurion Apartment REIT seeded the initial portfolio of Centurion Real Estate Opportunities Trust.

  • Permitted Lock-Up Agreement means an agreement between a Person and one or more holders of Voting Shares pursuant to which such holders (each a “Locked-Up Person”) agree to deposit or tender Voting Shares to a Take-Over Bid (the “Lock-Up Bid”) made or to be made by such Person or any of such Person’s Affiliates or Associates or any other Person with which such Person is acting jointly or in concert, provided that:

  • Qualified Ground Lease means each of the ground leases or ground subleases set forth on Schedule 1.01(d) hereto and for a Future Property means any ground lease (a) which is a direct ground lease or ground sublease granted by the fee owner of real property or a master ground lessee from such fee owner, (b) which may be transferred and/or assigned without the consent of the lessor (or as to which the lease expressly provides that (i) such lease may be transferred and/or assigned with the consent of the lessor and (ii) such consent shall not be unreasonably withheld or delayed) or subject to certain reasonable pre‑defined requirements, (c) which has a remaining term (including any renewal terms exercisable at the sole option of the lessee) of at least twenty (20) years, (d) under which no material default has occurred and is continuing, (e) with respect to which a Lien may be granted without the consent of the lessor (but subject to customary requirements regarding the nature of the holder of such Lien and prior notice to the lessor), (f) which contains customary and reasonable lender protection provisions, including, without limitation, provisions to the effect that (i) the lessor shall notify any holder of a Lien in such lease of the occurrence of any default by the lessee under such lease and shall afford such holder the option to cure such default, and (ii) in the event that such lease is terminated, such holder shall have the option to enter into a new lease having terms substantially identical to those contained in the terminated lease and (g) which otherwise contains no non-customary terms that are material and adverse to the lessee.

  • Reorganization Agreement has the meaning set forth in the recitals.

  • Qualified Mortgage A Mortgage Loan that is a “qualified mortgage” within the meaning of Code Section 860G(a)(3) (but without regard to the rule of Treasury Regulations Section 1.860G-2(f)(2) that causes a defective Mortgage Loan to be treated as a “qualified mortgage”, or any substantially similar successor provision).

  • Asset Purchase Agreement has the meaning set forth in the Recitals.

  • Asset Transfer means a sale, lease, exclusive license or other disposition of all or substantially all of the assets of the Company.

  • IDR Transfer Agreement means an agreement to transfer, subject to the terms of Tariff, Part VI, section 237, Incremental Deliverability Rights to a party for the purpose of eliminating or reducing the need for Local or Network Upgrades that would otherwise have been the responsibility of the party receiving such rights. Immediate-need Reliability Project: “Immediate-need Reliability Project” shall have the same meaning provided in the Operating Agreement.

  • Reorganization Transaction see clause (d) of the definition of “Change of Control.”

  • Contribution Agreement means that certain Contribution and Conveyance Agreement, dated as of the Closing Date, among the General Partner, the Partnership, the Operating Partnership and certain other parties, together with the additional conveyance documents and instruments contemplated or referenced thereunder, as such may be amended, supplemented or restated from time to time.

  • Investor Money Regulations means the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) Investor Money Regulations 2015 for Fund Service Providers;

  • Company Acquisition Agreement has the meaning set forth in Section 5.04(a).

  • Pre-Acquisition Reorganization has the meaning set out in Section 6.8;

  • Subchapter S Corporation (as defined in the Internal Revenue Code of 1986, as amended), Borrower may pay cash dividends on its stock to its shareholders from time to time in amounts necessary to enable the shareholders to pay income taxes and make estimated income tax payments to satisfy their liabilities under federal and state law which arise solely from their status as Shareholders of a Subchapter S Corporation because of their ownership of shares of stock of Borrower, or (d) purchase or retire any of Borrower's outstanding shares or alter or amend Borrower's capital structure.

  • Budget transfer means transfer of funding within a function / vote.

  • Transfer Tax means any sales, use, transfer, real property transfer, recording, stock transfer and other similar Tax and fees, including any interest, penalty or addition thereto, whether disputed or not; provided, however, that the term “Transfer Tax” shall not include any Income Tax.

  • Qualified disposition means, subject to subparagraphs (iii) and (iv), a disposition after which both subparagraphs (i) and (ii) apply to the subject property: