Federal Tax Research 10th Edition by Roby Sawyers,William Raabe,Gerald Whittenburg,Steven Gill

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Gold Partners wanted to complete a like-kind exchange just before it liquidated. Accordingly, it sold the real estate it meant to transfer to the other party, and a qualified intermediary held the resulting cash. When the intermediary found acceptable replacement realty, the intermediary transferred cash and the like-kind property directly to the partners, thereby liquidating Gold. Does I.R.C. § 1031 apply