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Delayed Exchange Treasury Regulations continued...

Replacement property may be identified by designating it as such in a "written document signed by the taxpayer and hand delivered, mailed, telecopied or otherwise sent before the end of the identification period," to:

1) The person obligated to transfer the replacement property to the taxpayer (i.e., the Qualified Intermediary); or

2) Any other person involved in the exchange other than the taxpayer or a disqualified person; or

3) An identification of replacement property made in a written agreement for the exchange of properties signed by all parties thereto before the end of the identification period.

The replacement property must be "unambiguously described" in the written document or agreement. A legal description, street address or distinguishable name such as "the Howe 'bout Arden Center" will suffice.

An identification of replacement property may be revoked only in writing, in a document signed by the taxpayer and hand delivered, telecopied or otherwise sent at any time before the end of the identification period to the person to whom the identification of the replacement property was sent. Note that if the original identification was made in a written agreement, the identification can only be revoked if it is made in a written amendment to the agreement signed by the taxpayer and delivered as above to all of the parties to the agreement.

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