Rev. Proc. 2003-39: Like-Kind Exchange Programs

Safe harborSafe harbor rules are provided under section 1031 of the Code, which allows for deferral of gain realized on a like-kind exchangelike-kind exchange of property, with respect to programs involving ongoing exchanges of tangible personal property using a single intermediaryintermediary (“LKE Programs”). For purposes of this revenue procedure, an "LKE Program" is an ongoing program involving multiple exchanges of 100 or more properties. Although LKE ProgramsLKE Programs may differ in various ways, an LKE Program must have all of the following characteristics: