These items, specifically the exchange of business assets and the utilization of Section 1.761-2(a) of the Internal Revenue Code for the purposes of exchanging partnership interests which normally are non-exchangeable, are best viewed within the totality of exchanging generally. We'll discuss some fundamental aspects of exchanging to provide you with a solid basis from which to pursue business exchanges.

We will detail many of the issues with which you (as a broker or investor) need to be familiar. We will explore:

• What is a 1031 exchange and why perform one,
• Types of exchanges,
• unique issues regarding Partnership exchanges,
• Exchange Rules and Time Constraints,
• Identification of Exchange Property,
• Mechanics of the Exchange, and,
• How to Select an Exchange Intermediary,

We will also spend some time discussing the individual strategies which can facilitate the exchange of personal property (business assets) as well as those standardized methods for exchanging real property. A portion of this review will also include the actual outlines, both real property and personal or business property, which are critically helpful in calculating the impact of a potential exchange. These proprietary Greater Illinois Tax Deferred Exchange Corporation outlines, and the subsequent identification forms, will aid you as you take the steps necessary to determine the proper qualifications which are necessary to every exchange.

As we get started, some of you may feel that the entire concept of exchanging is shrouded in mystery. Although some genuinely feel that way, in actuality it's not that complicated if you break it down and keep it simple. And that is how we will approach it. Later on we can discuss the more sophisticated aspects, but for now we'll stick to the ABC's.