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DEMETRIADES v. ROYAL ABSTRACT DEFERRED, LLC

5987 156478/12.

159 A.D.3d 501 (2018)

74 N.Y.S.3d 5

2018 NY Slip Op 01640

ALEXANDROS DEMETRIADES, Respondent, v. ROYAL ABSTRACT DEFERRED, LLC, Appellant.

Appellate Division of the Supreme Court of New York, First Department.

Decided March 15, 2018.

In 2009, plaintiff real estate investor sought to sell a property while taking advantage of section 1031 of the Internal Revenue Code, which allows a seller to defer capital gains taxes on the sale of investment property if that seller uses the sale proceeds to purchase a like-kind replacement property within certain time periods. Plaintiff entered into an "exchange agreement" with defendant, a "qualified intermediary" charged...

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