1031/1033
1031
The IRC States:
“No gain or loss shall be recognized on the exchange of property held for productive use in trade or business or for investment, if such property is exchanged solely for property of like-kind which is to be held either for productive use in or trade or business or for investment.” IRC Section 1031 (a)(1).
1033
Section 1033(a)(1) of the Internal Revenue Code states:
“If property (as a result of its destruction in whole or in part, theft, seizure, ort requisition or condemnation or threat or imminence thereof) is compulsorily or involuntarily converted into property similar or related in service or use to the property so converted, no gain shall be recognized.”