I need answers on details of a qualified 1031 Exchange. Looking for a QI that can answer this question:
1. Seller is a LLC (4 members/owners) .
2. Holding period of less than 1 year when sold.
3. How does each individual in the LLC qualify for a tax deferred exchange?
Are the proceeds divided based on percentage of ownership and then normal 1031 rules apply?
David Spencer, Broker and Licensed Instructor