Revenue Procedures

• Rev. Proc. 2000-46:  Co-Tenancy Interests -- IRS will not issue private letter rulings regarding the qualification of various Tenancy in Common offerings as 1031 Exchange replacement property; rather the Service will continue study this issue.

• Rev. Proc. 2002-22:  Undivided Fractional Interests in Rental Real Estate -- Specifies the conditions under which the IRS will consider a request for an advance ruling that a Undivided Fractional Interest in rental real property qualifies as a Tenancy in Common (‘TIC’) and not an interest in a business entity. 

• Rev. Proc. 2002-69:  Classification of Certain Business Entities -- Provides guidance on the classification of ‘qualified entitles’ by a husband and wife for federal income tax purposes. 

• Rev. Proc. 2003-25:  Tax Shelter Reporting Requirements -- Provides that Section 1031 Exchange transactions may be excluded from the tax shelter reporting / disclosure rules under IRS Section 1.6011-4.

• Rev. Proc. 2003-39:  Ongoing LKE Programs -- Provides a safe harbor for ongoing Section 1031 LKE programs involving multiple exchanges for tangible personal property, such as fleet vehicles.

• Rev. Proc. 2004-51:  Modification to Revenue Procedure 2000-37 -- Modifies the safe harbor for Reverse Exchanges created by Rev. Proc. 2000-37 by disqualifying replacement property that was owned by the taxpayer within the 180-day period ending on the date of transfer of the property to an Exchange Accommodation Titleholder.

• Rev. Proc. 2004-67:  Reportable Transactions -- Provides that Section 1031 transactions are not "reportable transactions" for purposes of the disclosure rules.

• Rev. Proc. 2005-14:  Guidance on the Application of Sections 121 and 1031 to a Single Exchange of Property -- Provides guidance to taxpayers who are transferring a property that qualifies for both the Section 121 principal residence exclusion and a Section 1031 Exchange.

• Rev. Proc. 2008-16:  Guidance on the Safe Harbor for Exchanges of Vacation Homes and Conversions to or from Personal Residences -- Provides a safe harbor under which the IRS will not challenge whether a dwelling unit qualifies as property held for productive use in a trade or business or for investment under Section 1031.