The Internal Revenue Code allows taxpayers to sell certain real or personal property and defer the income tax liability on any gain otherwise recognized in the sale. This tax deferral is accomplished by what is commonly called a 1031 exchanging after the specific IRS Code Section providing the rules. To defer the gain on the sale, the taxpayer must purchase replacement property that is substantially like kind to the property sold the 1031 tax exchange, as explained in Section 1031 of the Internal Revenue Code (IRC) of 1986, as amended, offers investors one of the last great opportunities to build wealth and save in taxes.