One of the following three rules must be followed when identifying replacement properties:
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Three properties of any value may be identified. This rule is known as the "Three Property Rule." You may then acquire one, two or three properties identified.
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Any number of properties may be identified, provided that as of the end of the Identification Period, the aggregate fair market value of all identified replacement property does not exceed 200% of the fair market value of all relinquished property. This rule is known as the "Two Hundred Percent Rule." You may then acquire any number of those properties identified.
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Any number of properties may be identified as long as the exchanger actually acquires replacement property whose aggregate fair market value is at least 95% of the aggregate fair market value of all identified properties. This rule is known as the "Ninety-Five Percent Rule." Any property actually received by the exchangor during the identification period is deemed to have been properly identified.