Posted by JPiper on February 06, 2001 at 18:30:53:
I thought your original post was clear?.it was just wrong. ?Quick Flips? are not eligible for 1031 treatment. Whether the ?quick flip? was performed by an LLC, Corp, limited partnership, etc. would have no bearing in terms of being eligible for a 1031 exchange. Unless of course by ?Quick Flip? what you mean is a property you?ve held as an investment property?.not the common definition of ?Quick Flip?. And hopefully held for at least one year?and preferably two to help establish your intent with the property.
If anything I thought your second post was especially unclear. I would be interested to find out for example why you sell with a ?wrap? in a limited partnership where the taxes (along with self-employment taxes if a dealer) would flow through to the limited partners in the year of sale. Better yet, how you can do a number of wraps (sales) without becoming a dealer. Or better still, how you can have a number of entities that are not ?controlled? entities.
Probably not the venue for an explanatory post of this type?.but then again, not a post designed to clarify much either.