treasury: 1031 TIC Bankruptcy - 12/01/08 03:09 AM
Kenneth R. Harney
The biggest financial fear about so-called "1031 TIC" real estate investment deals appears to be turning into reality: One of the largest "tenants in common" or "TIC" firms -- with 8,300 individual investors and office and retail properties valued at $2.4 billion -- has filed for Chapter 11 bankruptcy protection.
The firm, DBSI of Boise, Idaho, was part of an investment wave that followed a 2002 ruling by the IRS. That ruling said owners of commercial and residential income properties could fulfill the tax-deferral requirements of Section 1031 of the Internal Revenue Code by investing in tenants-in-common ventures.
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