Section 1031 & Section 761 - TMI Message Board

09-14-2005, 09:49 AM

smulekar

Junior Member

Join Date: Sep 2005

Location: Mobile, AL

Posts: 7

Section 1031 & Section 761

A LLC member cannot use 1031 exchange rules to defer gain in a LIke Kind Exchange. However, if teh LLC makes a valid election under section 761 (A) to be excluded from the application of all of subchapter K, then each LLC member can use 1031 exchange.

My questions are:
1. How does one make the 761 election?

2. After making the 761 election - do we prepare a seperate return for each member? or do we prepare LLC return & issue Sch. K to each member?

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