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1031 exchange question involving LLC's
Hi there,
I'm selling a single family home in upstate NY (owned by an LLC that is in turn owned by myself and my sister). We are also part owners in a small commercial property (also structured as an LLC) also based in NY. That LLC is owned by my sister, myself and our father. We have an opportunity to buy out our father's shares of the commercial property LLC.
Is it allowed to do a 1031 exchange from one LLC purchasing part ownership in another LLC?
Thanks!