Non-Qualifying Property

Property excluded from exchange treatment under IRC ยง1031(a)(2), such as inventory or property held primarily for sale; beneficial interests in or an ownership in a trust; interests in a partnership; and securities or evidences of indebtedness.

North American Industry Classification System

("NAICS" )The standard used by Federal statistical agencies in classifying business establishments for the purpose of collecting, analyzing, and publishing statistical data related to the U.S. business economy. NAICS was developed under the auspices of the Office of Management and Budget, and adopted in 1997 to replace the Standard Industrial Classification (SIC) system. It was developed jointly by the U.S. Economic Classification Policy Committee (ECPC), Statistics Canada, and Mexico's Instituto Nacional de Estadistica y Geografia , to allow for a high level of comparability in business statistics among the North American countries. The NAICS Manual uses a 6-digit product classification system to describe depreciable tangible personal property. For LKE purposes, property within a product class are considered to be like-kind. Copies of the NAICS Manual may be obtained from the National Technical Information Service, an agency of the U.S. Department of Commerce, and may be accessed on the internet. View complete NAICS Codes online: http://www.census.gov/epcd/www/naics.html

Notification of Assignment

This agreement is required when there are direct transfers of qualifying Relinquished Property and /or Replacement Property.  Mere delivery is all that is required to all parties to the applicable agreement, including non-exchanging Buyers and Sellers of Relinquished Property or Replacement Property.