For this discussion:

• Discuss the circumstances when an investor can use section 1031 of the Internal Revenue Code (IRC) for like-kind of real estate exchanges to defer taxes when making a sale or disposal of property.
• Explain the three conditions that must be met for 1031 to apply. Support your response with one real-world example.
• Define what improper tax year means through an empirical example.
• Explain two reasons why a business owner would like to exercise the use of improp