Property Ownership
A Mississippi commercial property is held in a '1031 exchange qualified intermediary' account pending reinvestment. During this period, the property owner:
AOwns the replacement property immediately
BHas 45 days to identify replacement properties and 180 days to close on the replacement, using the intermediary to hold proceeds and prevent constructive receipt✓ Correct
CCan receive the funds from the intermediary at any time
DHas no time constraints on identifying replacement property
Explanation
In a §1031 exchange, the exchanger must identify replacement property within 45 days of selling the relinquished property and close on the replacement within 180 days. The qualified intermediary holds the proceeds during this period — if the exchanger receives the funds directly, they have 'constructive receipt' and the exchange fails, making the gain taxable.
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