Revenue Ruling 99-5 and Section 1031: Bob and Jon’s Excellent Adventure—Part I
Jon was the sole member of Apartment LLC, a disregarded entity for tax purposes. Apartment LLC owned a small apartment building as its only asset. Things were going well with that apartment building.
Bob had some extra cash from golf winnings and was looking for a real estate investment. He saw how well Jon’s apartment building was doing, and asked if he Continue Reading …