Posted by William Bronchick on October 03, 2003 at 20:24:08:
Well, I’m not sure what this has to do with capital gains, although it appears you are suggesting a 1031 tax-deferred exchange. In concept you could, but the rules require that the relinquished property was for “productive use”, whereas you developed it with the intent of resale. So, chances are, it would not qualify.
Also, if you already closed the transaction it’s too late to do an exchange.
For a summary of the rules: http://www.1031x.com