S Corp 1031 Exchange

[Lisa139]

S Corp held real property with two individual shareholders (not husband and wife) on the advice of an Attorney incorporate/organize two separate LLC's sold the S Corp's property and intermediary held funds and purchased two separate properties each under separate LLC's (single disregarded entity). Is this considered a 1031 Exchange?

[sjrcpa]

That's a complex run on sentence. Who owned the original piece of real estate? Who owns the LLCs?

[qbteachmt]

@Lisa139 

You asked this Three Times. Please, stay right here, follow up, and help yourself get answered. Your peer users are helping you voluntarily, so it helps to make it easier for them to help you. Thanks.

[Lisa139]

S Corp owns the real estate. Each shareholder owns one LLC a piece.

[sjrcpa]

Since you either don't have or won't provide the details of the transaction, ask the attorney who set this up.

[George4Tacks · Accepted solution]

I think you need to get a written opinion from the attorney, who might want to hire a tax attorney. Any opinion offered on this anonymous forum wouldn't be worth the paper it isn't written on.

My gut reaction is NO. Entity A sold a property and entities B & C ended up with the properties.  

[Lisa139]

I agree