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PRIMARY RESIDENCES AND §1031 EXCHANGES: New Rules Benefit Taxpayers.

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Primary residences are normally not a consideration when talking about IRC §1031 tax deferred exchanges, but some recent rulings have clarified what the results are when these two areas intersect. Revenue Procedure 2005-14 (1/27/2005, corrected February 3, 2005) provides for clarification and additional benefits for those taxpayers converting property between a primary residence use and a business and investment.