Condemnation 101: A Primer on Issues in Eminent Domain

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Condemnation 101: A Primer on Issues in Eminent Domain

  1. 1. ©JacksonWhite, P.C.February 21, 2013 (2013) All Rights Reserved
  2. 2. EMINENT DOMAIN“It‘s the Government’s Term for Giving Me Your House”
  3. 3. PUBLIC BENEFIT vs. PUBLIC USE
  4. 4. CITY OF TEMPE ARGUED FOR A “PUBLIC BENEFIT”
  5. 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.

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