5.Under Section 1031, what needs to occur within 45 days of the sale and what changes if the taxpayer acquires the replacement property within the 45 days?

6. A group of investors formed a JV to construct a new building. You have been asked to structure the deal and one of your responsibilities is to ensure the investors will be able to recognize a Section 1231 gain as opposed to ordinary income. Please describe the factors you would take into consideration to make sure the investors receive the desired tax treatment.

7. Formations of partnerships and corporations are generally seen as tax free transactions. Describe the main difference between the formation of a corporation and a partnership?

8. Bonus Question - In the Bramblett case why was it necessary to form a partnership and a corporation as opposed to forming two partnership?