Condemnation 101: A Primer on Issues in Eminent Domain

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  • 1. ©JacksonWhite, P.C.February 21, 2013 (2013) All Rights Reserved
  • 2. EMINENT DOMAIN“It‘s the Government’s Term for Giving Me Your House”
  • 3. PUBLIC BENEFIT vs. PUBLIC USE
  • 4. CITY OF TEMPE ARGUED FOR A “PUBLIC BENEFIT”
  • 5. A 1033 Exchange does not require the use of a qualifiedintermediary (you can take the proceeds of the sale aslong as you reinvest them according to the rules within 2to 3 years) while a 1031 Exchange requires the funds beplaced with a neutral third party. Also, the taxpayer cancomplete the exchange by making improvements inproperty already owned unlike a 1031 exchange thatrequires that a new property be purchased.Property owners should carefully review their situationwith their tax advisor in both the planning and executionphase of doing a 1033 Exchange.