Erin Tenner of Gray•Duffy, LLP’s Los Angeles office successfully represented the owner of an auto dealership property in the sale of the property, including a 1031 exchange.
The prior owner of Team Chevrolet, Mazda, Hyundai in Vallejo sold his dealership in 2017. The buyer had an option to purchase the underlying real estate and exercised the option. The owner/seller had reserved the right to complete a 1031 exchange as part of the transaction so that he would not have to pay capital gains taxes on the proceeds from the sale. The transaction successfully closed in 2018 and the seller has identified other properties that will be purchased with the proceeds as part of the 1031 exchange.
Please Note: This article is necessarily general in nature and is not a substitute for legal advice with respect to any particular case. Readers should consult with an attorney before taking any action affecting their interests.