my client is partner in an S-corp that is a real estate investment company with one warehouse building that was rented out.

in June 2021 the warehouse was sold and the company was dissolved. my client received $400,000 for his share of partnership. 

The client wants to buy real estate and use the $400,000 for like-kind 1031 exchange.

Question: -   any notice to IRS regarding the intend to use the 1031 exchange

                -    can the $400,000 be used towards more than one property 

                -    is the two year time limit for 1031 exchange still in effect.

Thank you.

Phil L