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Thumb of Michigan | There were obviously 2 people in this case who felt the value was about what the sale price was. I have no clue if the selling price was an accurate representation of the actual value or not. Someone thought so. As I posted before- the 1031 buyer is in negative territory if he were to pay an inflated value higher than the true value + the capitol gains rate. Most investors I know have not got into a position of having to avoid paying capitol gains taxes by overpaying for assets in the first place.
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Someone explain to me how a 1031 exchange is good for farmers...
