Internal revenue code Section 1031 provides that no gain or loss is recognized where a taxpayer exchanges property used in a trade or business or held for investment solely for like kind property used in a trade or business or held for investment. If the taxpayer receives cash or other than like kind property, gain will be recognized to the extent of the value of the other property or money, commonly called “boot”, received by the taxpayer. In the real estate investment area, S1031 can be a boon. Rather than sell an investment property and purchase a new investment property, a taxpayer can utilize the provisions of IRC S1031 and defer the recognition of the gain. This deferral allows the investor to purchase that much more property since no taxes will be paid as a result of the disposition of the first property.