Section 1031 exchange proceeds must be invested in direct property ownership, not in a real estate fund structured as a partnership. Although a TIC structure is a possible alternative, due to a combination of tax law and mortgage lender requirements, TICs are an alternative only under limited circumstances require careful structuring to comply with both tax and securities laws.
Read MoreOn June 21, 1893, at the World’s Columbian Exposition in Chicago, more than 2,000 people gathered for the opening of the world’s largest Ferris Wheel. After George Washington Gale Ferris, Jr., designer of the wheel, and other dignitaries gave speeches, and the fifty-piece Iowa State Band played patriotic tunes, the wheel was started for the first time, belying the background story.
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