STRUCTURING THE BUILD-TO-SUIT LIKE-KIND REAL ESTATE EXCHANGE.

The article focuses on the build-to-suit like-kind exchange in the real estate business in the U.S. In structuring a build-to-suit exchanges, several tax and non-tax concerns must be considered including the safe harbor of Revenue Procedure 2000-37, the identity of the accommodation party and the protection of the taxpayer's contractual rights. The key in organizing such exchange is tax ownership of the property that is being improved.