24. What are the requirements relating to the identification of replacement property?

All replacement property to be acquired in the exchange must be "unambiguously described" by legal description, assessors parcel number or tax map key or equivalent number, or address, distinguishable name, etc., and made in a written document executed by the exchangor and hand-delivered, mailed, telecopied or otherwise sent to a person involved in the exchange and to the person responsible for delivery of the replacement property, usually the intermediary. Only one exception to the identification requirement is provided, which deems any replacement property actually acquired by the exchangor within the 45-day Identification Period to be duly identified property. You should document the sending and/or delivery of the identification letter and confirm their receipt. Every attempt should be made to have the identification document reviewed for conformance and accuracy in advance of the last day of the Identification Period. After that would be too late to make any required changes, an improper identification results in an invalid exchange.

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