Frequently Asked Questions About Commercial Real Estate
Chances are, you have a lot of questions about buying,
selling or leasing commercial real estate — whether in the form of a rental property,
business or franchise.
Below is a comprehensive list of some of the most frequently asked questions
Anthony receives about commercial real estate.
Click on the link below that interests you.
Commercial Real Estate FAQ's
Business Brokerage FAQ's
1031 Tax Exchange FAQ's
Commercial Real Estate FAQ's
What is the difference between a leasing agent and a tenant rep?
agent has the listing on the property and represents the interests
of the building owner. A tenant representative or "rep" represents
the interest of the tenant in a lease transaction.
Some agents work
exclusively on listings, others will take on tenant representation
engagements only, while others will work on both.
Do I need a broker to help me find space?
You need a broker
for their expertise surrounding the leasing process. A good broker
is much more than just a space finder; you should view them as you
would your attorney or accountant. You want their advice as to what
space is best suited for your business and what are the best terms
that the space can be leased. A good broker will help you in all aspects
of the commercial space transaction. That start with understanding your business
and ends with a signed lease.
How do I hire a broker?
The best way to get a broker to work for you is
to hire them as your "exclusive tenant representative." Most brokers
have representation letters for you to sign and once they know that
you are committed to them, they will work hard for you.
What is a representation letter and should I sign one?
letter is something a tenant rep broker will ask you to sign. It has
several purposes. First and foremost, it demonstrates your commitment.
Once the tenant rep broker has that letter from you, they know that
they are much more likely to get paid a commission on your lease.
This means that they will work hard for you. In fact, a good tenant
rep broker will not do much more than a simple market survey without
a signed letter. If you want to get the most out of the brokerage community,
I recommend that you sign an "exclusive agreement" rather than working
with several different agents on a non-exclusive basis.
"His selfless dedication to his players and to our program
contributed to him winning the "Parent Magazine" Coach of the Year
award for 2006, not to mention a couple of State Championship Games.
"Anthony approached me in 2002 looking for an opportunity to coach youth football. At the time, he did not have a child old enough to participate in our program, but felt a desire to get involved with teaching a sport that had meant so much to him as a way of contributing to the positive development of our youth. He began by helping me with specific skill positions but very quickly proved himself invaluable to our coaching staff and took over as Offensive Coordinator.
He has been with our program every year since then and has begun working
with his oldest son who is now playing. His selfless dedication to his players and to our program contributed to him winning the "Parent Magazine" Coach of the Year award for 2006, not to mention a couple of State Championship Games.
giving so much of himself, Anthony has touched the lives of so many people through youth football, including
me. This sense of dedication is evident in all that he does and I am
honored to call him a friend."
Youth Football Association
d/b/a Franklin Cowboys
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What exactly is Commercial Real Estate?
The term "Commercial Real Estate" can be used to refer to any dealing with
real property in a business context. It could involve leasing out office
space, owning an apartment complex, or selling real property along with
and as a part of the sale of a business.
Are there really that many differences between a Commercial Real
Estate deal and buying a house?
While many of the concepts are the same, there can
be huge differences between Commercial and Residential real estate.
Commercial real estate transactions can be far more diverse and wide-ranging
than selling homes. Any real estate deal has its share of risks, and problems
can arise that you could never possibly foresee. In general, however, the
risk and potential liability exposure that you face on a commercial real
estate deal can be much greater than when you buy a house.
Look at it from this perspective — by and large, we all have a pretty good idea of what goes on in a typical
family home, but can you say the same thing about a piece of business
property? Depending on the nature of the business, commercial property
may have all kinds of liens and title problems. There may be greater
concerns about hazardous materials or zoning issues. And there will
always be questions about the suitability of the property's location
for your business needs.
in many instances, you are not afforded the same consumer protections
on a commercial real estate deal that may be available when you purchase
a residence. In some states, for example, residential homebuyers are
given greater protections against abusive lending practices than are
business owners. Likewise, there are mandatory disclosures required
in residential real estate matters that may or may not be required
in a commercial transaction.
What are some of the common pitfalls involving a real estate business
of whether buying a home or a piece of investment property,
there will always be risks involved. Your goal should be to lessen
these risks as much as you can.
Examples of potential problems that often times
lead to legal disputes include:
- Defects in title
- Debt service and lender requirements
- Mechanics liens
- Zoning and land use problems
- Market fluctuations
- Hazardous waste and environmental contamination
What is a 1031 Exchange?
A "1031 Exchange" refers to a method
of deferring tax on the sale of an interest in real property allowed
under section 1031 of the Internal Revenue Code. In brief, it allows a seller
to defer tax, on a gain that would otherwise be realized on a sale
of property if the proceeds from the sale were reinvested in like-kind
property. It's quite common for a "1031 Exchange" to be involved
in some manner in a commercial real estate transaction.
A seller must contractually
arrange to convey his or her interest in the property being sold
in exchange for receiving an interest in another piece of commercial
property. If cash is involved, an escrow company or facilitator will
usually retain it, because treatment under section 1031 won't be
possible if the proceeds are paid to the seller even for an instant.
In practice, however, the rules for a "1031 Exchange" can be quite
complex and it is easy for a seller to run afoul with them. It's
always advisable to have a competent legal counsel involved in the
"His professionalism during our process was refreshing."
"Working with Anthony allowed me to focus on running my business without
worry and stress. His professionalism during our process was refreshing. And
our business was being marketed to those financially able to purchase.
If, in the future, we decide to purchase a business... we would not
hesitate to call Anthony."
Paul and Judy Davis
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What is Commercial Tenant Representative?
Someone who is
a licensed commercial real estate professional and who only represents
tenants and buyers of real estate. The basis for this representation
is that the tenant/client has no conflicts of interest (i.e. building
listings and landlord contracts). Retaining a Commercial Tenant Representative
is like adding a partner devoted to your company's success. They are on your
side and represent YOUR interests only.
What do Commercial Tenant Reps Do?
Work with you to target the best
location, amenities, size that will meet your company's needs. Look
beyond the normal databases to search for the best possible options
to ensure the maximum number of location choices. Frequently the
best space is not currently on the market, and it is Anthony's business
to know of vacancy before it is available. Perform site inspections,
market rate comparisons and term comparisons to assure that you received
the best price and terms possible. Prepare Letters of Intent
(LOI's) to all applicable landlords once you have decided on one
or more facilities.
Can I do it myself?
You could, but experience
indicates it takes an average of six to eight months to handle a
commercial real estate transaction, and it takes years of experience
to gain the expertise necessary to effectively negotiate complex
commercial real estate transactions. The savings you net could be
as much as 15% or 25% from what you might have obtained on your own.
It is well worth the time and effort Anthony puts into a transaction,
and the best part is it doesn't cost you a thing.
Do Tenant Reps work
with other commercial real estate companies too?
Reps gladly work with all other commercial real estate companies
and property owners, many of whom are known on a first name basis.
Although it is most common for the Tenant Rep to contact these companies
on your behalf, if you contact someone in person just be sure to
mention that you are being represented by a Commercial Tenant Rep who
will be negotiating the transaction on your behalf.
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What if I see a good location myself?
Simply contact your Commercial Tenant
Rep who will make the calls and negotiate the best terms possible
for you. It is likely that the Commercial Tenant Rep is already familiar
with the building and too many inquiries will only encourage landlords
to increase their rates.
What will it cost?
Nothing! Normal site selection or acquisition tasks
require no fees from you since Commercial Tenant Reps are compensated
through a share of the leasing or brokerage fee that the Landlord
pays. In fact, since Commercial Tenant Reps commonly obtain better
terms for their clients than the clients would have obtained themselves,
you will spend less time and money by working through one.
Is it fair and legal for you to represent us and be paid by the Landlord?
Real Estate Commission regulations are clear that it is both legal
and ethical to represent the Tenant and be paid by the landlord.
Is an exclusive agreement necessary, and in my best interest?
Hard working Commercial
Tenant Reps contact all other brokers and owners on your behalf. If,
other brokers do the same thing, confusion results. An experienced
Tenant Rep will not invest the time and resources necessary to do a
superior job without your exclusive commitment.
How do you get paid?
If you are SELLING property, or a business, we get paid
by you through the terms of the listing contract. If you are BUYING
property or a business, our service is FREE — we are paid through
the seller or business owner.
"Anthony earned our trust and has kept it."
"Over the last 20 years we have bought & sold 4 different businesses
and invested in commercial real estate... from $2 million- $39 million...
all around the world. Each and every time Anthony Roselli helped
us and stood with us step-by-step. Anthony earned our trust and has
style, contacts, and commitment...allowed us to close deals many thought
would fall apart. When it came time to retire, I immediately reached
for the phone to call Anthony. His abilities, vision, planning
helped us reach our final goal. Anthony's integrity... honor...
loyalty remind me of how business used to be done and still should be done. Anyone
using Anthony for commercial real estate or business needs should feel
confident they are in great hands."
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Business Brokerage FAQ's
When is the best time to sell my business?
The best time to sell is when
a business is doing well. Almost any business can be sold, even if
it is not doing well, if the sale is handled professionally and priced
How much is my business worth?
A company's value depends on many factors — such as clash flow, asset
values, financial history, condition of equipment and premises, favorable
lease terms, competition, location, and the economy. By analyzing
your business and comparable sales in your industry, Anthony can
advise you on the proper pricing strategy for your business. Buyers
are much more likely to pay top dollar for a business when documented
evidence supports the asking price. At the end of the day, a business is worth
whatever a buyer will pay a seller in free market.
Why not sell the business myself?
find that is just more frustration, as expense and time involved do
not yield cost savings and many end up working with unqualified buyers.
In fact, because they do not have access to a large number of qualified
buyers, many owners end up selling their business for much less than
they could have received by working with a well-established intermediary.
Plus, owners find it difficult to work directly with buyers while maintaining
confidentiality. Selling a business is a specialized trade. Seek professional
assistance when it comes to selling an asset as valuable as your business.
should I use Anthony Roselli to sell my business?
When working with
Anthony you receive the following and much more: Confidentiality,
maximum exposure, pre-screened buyers, negotiating power, advertising
and marketing expertise, experience and proven results.
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What is Goodwill?
Goodwill is the difference between the total value of
a business and the value of inventory, equipment and other "hard" assets.
Every business has goodwill unless it is closed down for failing badly.
The amount to pay for goodwill depends on the cash flow of the business
and its general attractiveness. If buyers did not pay for goodwill,
sellers might as well sell off their equipment and close down rather
then sell as an on-going business.
What are Discretionary Earnings?
earnings are usually defined as profit before income tax, depreciation,
interest and owner's compensation and other owner benefits. This is
the amount of money the owner has available to pay himself, to invest
in additional equipment, to make the note payments on the business
and pay taxes.
Why not just start my own business?
show that over 80% of new businesses fail in the first 3 years, for
reasons such as poor location, low product quality, under capitalization,
and lack of management skills. This risk can be eliminated by purchasing
a quality business with a proven cash flow.
Why us a Professional Intermediary
to help purchase a business?
Using an Intermediary also allows for
confidentiality during the initial stage of the buying process. Allowing
a professional to lead you through the steps of buying a business will
ultimately give you the peace of mind that your interests are protected
and your investment well directed. Choosing an individual who is professionally
trained, and has made a full-time commitment to their career.
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What is a
The word Merger has a strictly legal meaning and has nothing
to do with how the combined companies operate in the future. A merger
occurs when one corporation is combined with and disappears into another
corporation. All mergers are statutory mergers, since all mergers occur
as specific formal transactions in accordance with the laws, or statutes,
of the states where the companys are incorporated.
What is an Acquisition?
Acquisition is the process by which the stocks of assets of a corporation
become owned by a purchaser. The transaction may take the form of a
purchase of stock or a purchase of assets.
What's the difference between
a Merger and an Acquisition?
An Acquisition is the generic term used
to describe a transfer of ownership, and Merger is a distinctive, technical
term of a particular legal procedure that could or could not happen
following an acquisition. In today's marketplace, it is far more common
for an acquisition to occur without a following merger.
What is Leveraged
A Leveraged Buyout (LBO) is a transaction whereby a company's
stock or assets are purchased with borrowed money, making the company's
new capital structure to be a high percentage of debt. An acquisition
of all the selling company's stock, usually by a newly formed corporation
created for the sole purpose of the acquisition, followed immediately
by a merger of the buyer's new company with the acquired company, so
that the assets of the acquired company become available to the buyer
to secure debt.
"I am a successful investor today because of Anthony."
"Anthony helps things run smooth. The sale of our
medical office bldg.'s seemed effortless. I have, for 10 plus years,
seen Anthony as my most important commercial real estate adviser. With
Anthony's great attention to detail, tremendous ability to find great
deals, and passion for real estate... I am a successful investor today because
From properties in South America, United States, Spain,
United Kingdom... we view Anthony as the most valuable asset we have
available. The money we made should last us the rest of our lives."
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What is an Earnout?
An Earnout is a method of compensating
a seller based on the future earnings of a company. It is the contingent
portion of the purchase price. A common type of earnout provides for
additional payments to a seller if the earnings exceed agreed-upon
levels. Another type of earnout may provide that certain debt given
to the seller as part of the acquisition price be paid out early if
earnings exceed agreed-upon levels.
What is an Asset Transaction?
The acquired company transfers the assets of the business to the purchaser. This
could include equipment, inventory, and real estate, as well as intangible
assets such as contract rights, leases, patents, trademarks, etc.
is a Stock Transaction?
The seller transfers the shares in the acquired
corporation to the purchase in exchange for an agreed-upon payment.
A Stock Transaction is appropriate when tax costs or other problems
of doing an asset transaction make an Asset Transaction less appealing.
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How widespread is franchising?
The answer may surprise you. By 2001, there
were 767,843 business establishments in all domestic franchise systems,
which employed almost 10 million people, with direct output close to
$625 billion, and payroll of $230 billion. These establishments account
for significant percentage of all establishments in many important lines
of business: 56.3% in quick service restaurants, 18.2% in lodging, 14.2%
in retail food, and 13.1% in table/full service restaurants.
What is the
Federal Trade Commission Franchise Rule?
It is a federal regulation
which requires franchisors to prepare an extensive disclosure document
and to give a copy to any prospective franchise purchaser before he
or she buys a franchise. The disclosure document typically used to
comply with the Rule is called a Uniform Franchise Offering Circular,
or UFOC. Within the UFOC are many different categories of information
about the franchise, including points to consider before buying a franchise.
Required fees, basic investment, bankruptcy and litigation history
of the company, how long the franchise will be in effect, a financial
statement of the franchisor, earnings claims (if the company makes
them)... all are presented in this disclosure document.
Are there any other laws
which protect me?
Fourteen states require franchise companies to file
or register franchise offerings with a state agency: California, Hawaii,
Illinois, Indiana, Maryland, Michigan, Minnesota, New York, North Dakota,
Rhode Island, South Dakota, Virginia, Washington, and Wisconsin. These
states, plus Oregon, also have discloser regulations similar to those
of the Federal Trade Commission. By means of the so-called "business
opportunity laws", certain other states regulate the offer and sale
of a "business opportunity" which may include the offering of a franchise
under the state's definition of a "business opportunity."
What kind of investment is necessary to buy a franchise?
Investment requirements differ tremendously. It all depends on the industry and the type of
business. Total start-up costs can range from $20,000 or less, to over
$1,000,000 depending on the franchise selected, and whether it is necessary
to own or lease real estate to operate the business. Moreover, the
initial franchise fee for most franchisors in between $10,000 and $30,000.
Seventy percent of franchisors charge an initial franchise fee of $40,000
or less. The average investment, excluding real estate costs, is between
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What is franchising?
Historical Definition — historically,
the word franchise meant the granting of a right or privilege to an
individual or group. In more recent times, it includes business arrangements
known as franchises, licenses, dealerships and distributorships, to
name a few.
Regulatory Definition — The Federal Trade Commission defines
a franchise as s business relationship in which an individual owner:
- Uses a Common Name
- Receives Training/Assistance (from Parent Company)
- Pays a Fee to the Parent
Company ($500 or more within the first 6mos of operation)
Driving Franchising Growth?
- Companies Wanting
- Individuals Desiring to Own their Own Businesses
What about International Franchising?
Franchised businesses continue to grown
in all corners of the world. Domestic franchisors in many countries
are increasingly establishing franchises across borders. More than
400 U.S. franchise systems operate internationally. International franchising
has been successful because consumers around the world recognize
famous brands as symbols of quality, consistency, service, and value.
you are considering the purchaser of a franchise, you may want to not
limit the scope of your search to franchisors in your home country.
Increasingly, franchisors are seeking franchisees internationally, and a
foreign-based franchisor may provide you with the franchised opportunity
you are seeking.
What factors should I consider when selecting a franchise?
- Your ability to operate the business
- Name Recognition
- Training and support services
- Franchisor's Experience
"I will continue to use and recommend Anthony Roselli for
commercial real estate services far into the future."
"I have purchased, rented, and sold more than a handful of properties in TN, FL, GA, NC all with the help of the Anthony Roselli. He was able to help answer questions about 1031 Tax Exchange for my future investments as well as structure the best purchase contracts.
By pursuing my best interests, he has found me profitable real estate investments. My
family, as well as multiple friends, have worked with Anthony and were as
pleased as I am. He has top notch customer service and will make sure that your real estate transactions go smoothly. I
will continue to use and recommend Anthony Roselli for commercial real estate
services far into the future."
Charlotte, North Carolina
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1031 Tax Exchange FAQ's
What is a 1031 Exchange?
1031 exchanges are specifically structured transactions
that join together the sale of an old property and the purchase of
a new property for the purpose of deferring taxes. 1031 Exchanges
are primarily used for buying and selling investment real estate,
but they can also be used for personal property that is used in a business.
Examples of qualifying property include bare land, rental property, commercial
buildings and homes other than your primary residence. You should contact an attorney and your tax advisor on every tax exchange for specific advice.
How can a 1031 Exchange
Work for Me?
A 1031 exchange can defer the capital gain taxes that are
due when you sell property that has increased in value or been depreciated
for tax purposes. These federal and state capital gain taxes can be
costly. Internal Revenue Code Section 1031 can benefit you in several
other ways. By deferring taxes, you have increased flexibility, leverage
and buying power. Exchanges also allow you to change, diversify or
consolidate your investments.
What are 1031 Timelines?
Identification Period — Within 45 days of selling
the relinquished property you must identify suitable replacement properties.
This 45 day rule is very strict and is not extended, should the 45th day fall on a Saturday, Sunday, or legal holiday.
Exchange Period — The replacement property must be received by the taxpayer within the "exchange period," which
ends within the earlier of... 180 days after the date on which
the taxpayer transfers the property relinquished, or... the due
date for the taxpayer tax return for the taxable year in which the
transfer of the relinquished property occurs. This 180-day rule is
very strict and is not extended if the 180th day should happen to
fall on a Saturday, Sunday or legal holiday.
Can I qualify to
defer taxes when I sell my property?
Any investor can qualify!
Section 1031 of the IRS code lets you sell your property and buy a
new property without paying any taxes at the time of sale. You simply follow specific rules.
We'll help you qualify and gain the advantages of a 1031 tax free exchange.
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is a qualified intermediary?
The IRS says if you touch the money
you pay the tax. However, if you use a qualified intermediary to transfer
the money from the sold property into the purchased property, you qualify
for a tax free exchange. The IRS does not permit your accountant, attorney,
or escrow company to be your qualified intermediary.
Can I get legal
or tax advice from you?
No, but we will work with your attorney and CPA to make sure your tax free exchange goes smoothly. In compliance with Internal Revenue Service Circular 230, we advise you that any advice herein relating to U.S. federal income taxes is not intended or written to be used, and cannot be used, for the purpose of avoiding any penalties that may be imposed under the U.S. Internal Revenue Code.
Can I avoid
paying taxes forever?
Yes, you can. By simply following the 1031
exchange rules every time you sell one or more properties and buy
replacement properties, when you die your estate escapes all the capital
gains taxes forever!
What exactly are the tax advantages in exchanging?
You can eliminate the present obligation of paying
any capital gains taxes, and you can eliminate paying the even higher-rate
taxes on the recapture of depreciation you've taken on your property.
By exchanging into a higher priced property you'll also gain additional
depreciation deductions which can increase your after-tax income.
there reasons to exchange other than tax advantages?
are many non-tax reasons to exchange. For example, if you no longer
like managing property, you can exchange your management intensive
property for triple-net management free property, or exchange multiple
smaller properties for one that can be professionally managed. Or,
say your current property cannot be easily refinanced. You could exchange
out of that property for a new property which could be refinanced more
easily so you can take some cash out. Or, you might exchange to improve
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How long can I take to buy a new property?
You have 180
days between the closing date on the sold property and the closing
date on the purchased property.
Can I buy a new property before selling
my old one?
You can buy a new property before selling the old
property and still qualify — it's called a "reverse" exchange.
The qualified intermediary takes title to the new property you buy
and holds it for you until you sell your old property.
Can I buy more
than one piece of property tax free?
Yes, you can acquire any number
of replacement properties.
Can I exchange several smaller properties
for a larger one?
Yes, you can sell any number of smaller properties
and trade up to a larger one.
How do I exchange into a larger property
You trade up by getting a bigger loan on the new property,
or adding cash, or equities in other properties, or notes carried back
from the sale of other properties, etc. Done right, it's all tax deferred.
"We would also be glad to recommend your services to anyone
considering buying or selling property."
"We just wanted to say thank you again for helping us buy our first commercial real estate property. We had no knowledge of the commercial buying process and were unsure of what to expect, but everything went smoothly.
You did an excellent job of walking us through the process and helping
us make our dream of owning investment property becomes a reality. Your knowledge and experience provided us with the guidance and advice to make the process so much easier. We are very grateful for everything you've done.
If we should ever decide to buy or sell we will undoubtedly contact you again for your services. We would also be glad to recommend your services to anyone considering buying or selling property."
Kevin and Amy Mitchell
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I refinance without blowing the tax free exchange?
Yes, you can refinance
the property you are selling before you exchange, or refinance the
property you are buying after you exchange, and the proceeds are tax-free.
Check with us for the details as the timing and contract dates are
I've already sold my property. Can I still do an exchange?
provided your sale has not closed yet, simply contact us and we will
turn your taxable sale into a tax free exchange with some simple paperwork.
are the benefits of doing a 1031 exchange versus a sale?
exchange transactions are one of the last strategies available to defer
capital gain taxes on the sale or disposition of qualifying property. Typically,
by selling or disposing of your investment property you will trigger
Federal and state capital gain and depreciation recapture taxes, which
will leave you with much less to reinvest. This makes it extremely
difficult for taxpayers to trade up in value, increase their cash flow
and ultimately their net-worth.
By completing a 1031 like-kind exchange you
defer your capital gain and depreciation recapture tax and therefore
have 100% of your net proceeds from the sale of your investment property
available to reinvest in other like-kind replacement property, especially
to trade up in value and improve your cash flow.
The 1031 like-kind
exchange allows taxpayers to acquire and dispose of properties to reallocate,
consolidate or diversify their investment properties without paying
tax on any capital gain or depreciation recapture taxes.
property a new concept?
No. Section 1031 of the Internal Revenue Code
was first introduced in 1921. The purpose or intent behind a 1031 tax-deferred
like-kind exchange is to encourage taxpayers to reinvest 100% of their
net proceeds into like-kind replacement property when they sell qualifying
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What type of property can be exchanged under Section 1031?
property is property that has been or will be held for income production
(rental), investment or used in a trade or business. Your personal
residence and vacation home are not qualifying use property and do not
qualify for 1031 exchange treatment, although they may qualify for Section
121 Exemption treatment.
Assuming the property satisfies the qualified use
test, and then the property must satisfy the "like-kind" test.
Real property is "like-kind" to
real property, so as long as your are exchanging real property for
real property it will qualify as "like-kind" for 1031 exchange
Among the types of real property that are eligible for
1031 exchange treatment are raw land, single-family homes, hotels,
multifamily dwellings, factories, commercial office buildings, shopping
centers, farmland, leases of 30 years or more, quarries and oil fields. In
general, any type of real estate may be traded for another type of real estate
as long as it satisfies the qualified use test.
It is important to consult
with your legal and tax advisor to determine whether your property
will satisfy the qualified use and like-kind tests, especially in the
areas of personal property 1031 exchange transactions.
Can I back-date my
identification form to be within the 45 day period?
The 45 calendar day deadline is part of the Internal Revenue Code.
It cannot be extended by the Investor under any circumstances. The act of
back-dating, altering or changing the identification after the 45 calendar
day deadline has passed is criminal tax fraud and should never be considered
under any circumstances.
In fact, the argument can be made that a Qualified
Intermediary (Accommodator) that routinely accepts back-dated or altered
documents and/or knowingly participates in any type of tax fraud would
lose its Qualified Intermediary status and could have any or all of
its 1031 exchange transactions disallowed by the Internal Revenue Service.
the 45 and 180 calendar day deadlines be extended?
No. These deadlines
are actually part of the Internal Revenue Code and cannot be extended
for any reason except by a Presidential Disaster Declaration. The
deadline is not extended if it falls on a Saturday, Sunday or legal
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