How are Co-Ops Treated?

[Gil Pang]

Hi BP Community,

My wife and i currently own a co op (which we use to live in) but currently vacant.  We are in the process of subletting out the co op for rental income.  There may come a time where i need to sell the co op and was wondering how co op are treat?  since you actually don't own the property, instead you own shares of a corporation.  how will i be taxed on my capital gains?  would i be taxed as if i was selling my shares or would i be taxed as captial gains on a property and would need to do a 1031 exchange?

Thanks in advance.