This course explains how taxpayers can defer gain on the exchange of real property held for business or investment under IRC Section 1031. Participants learn the key requirements for qualifying property, timing, and identification, along with the role of qualified intermediaries and common compliance issues. Topics include deferred and reverse exchanges, related party transactions, Delaware statutory trusts, and the interaction between Sections 1031 and 121. Real world examples and case discussions illustrate how to apply the rules and avoid costly mistakes.