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CORRECTION

Last month’s “Bottom Line” article incorrectly described the procedural time frame for completion of 1031 exchanges. A property seller has 45 days to identify a replacement property for a 1031 exchange, and 180 days to buy it. The story also failed to clearly mark the difference between sponsors and accommodators. Tenancy-in-common service providers can be either sponsors or accommodators, also called intermediaries. Sponsors provide the replacement property for a 1031 exchange, while accommodators/intermediaries hold the proceeds from an original sale and distribute them to the sponsor when the replacement property is purchased.