Buyer wants to acquire Seller$$s investment land. Seller has a substantial gain on the land, hates to pay tax on such gains, and would like to convert the investment to commercial real estate in a tax$-$free exchange. Discuss the results to Seller in the following alternative situations:

$($a$)$ Buyer pays cash for the land and Seller reinvests the proceeds in commercial property.

$($b$)$ Seller agrees to sell the land to Buyer who puts cash in an amount equal to the value of the land in an escrow account. The escrow provides for Seller to select commercial property equal in value to the land. Buyer will then acquire the commercial property with the escrowed cash and transfer the property to Seller. If Seller fails to find adequate property, the deal collapses. One year after the escrow account is opened, Seller selects commercial property that Buyer acquires with the escrowed cash and transfers it to Seller in exchange for the land.

$($c$)$ Seller, a calendar year taxpayer, transfers the land to Buyer on January $1$ of the current year. Buyer puts cash in an amount equal to the value of the land in an escrow account. Seller is to select the like kind property Seller wants and Buyer is to acquire it with the escrowed cash. If at any time Buyer fails to meet Buyer$$s obligations, Seller may demand the cash. On February $15,$ Seller identifies $3$ properties, any one of which Seller is willing to accept, and on June $15,$ Buyer acquires one of the properties $($having a value equal to the land$)$ and transfers it to Seller.

$($d$)$ Same as $($c$),$ above, except that after Seller$$s transfer of the land to Buyer and Buyer$$s transfer of the cash to the escrow account but prior to replacement property being acquired, Seller may at any time opt to take the cash, rather than replacement property.