¹T.J. Starker, 602 F2d 1341 (9th Cir. 1979).

²Regs. Sec. 1.1031(k)-1, promulgated by TD 8346 (4/25/91).

³See the preamble to TD 8346, note 2 supra; see also Regs. Sec. 1.1031(k)-1(a).

⁴See "Report on the Application of Sec. 1031 to Reverse Exchanges," 21 Journal of Real Est. Tax'n 44 (Fall 1993).

⁵See "PricewaterhouseCoopers Forwards Proposed Guidance on Reverse Exchanges," 2000 TNT 16-27 (1/25/00), and "ABA Tax Section Members Push for Guidance on Reverse Like-Kind Exchanges," 2000 TNT 145-22 (7/27/00)(hereinafter, "ABA Proposals").

⁶Rev. Proc. 2000-37, IRB 2000-40, 1.

⁷Bennie D. Rutherford, TC Memo 1978-505.

⁸Franklin B. Biggs, 69 TC 905 (1978), aff'd, 632 F2d 1171 (5th Cir. 1980).

⁹Direct deeding with assignment of contract rights is the typical form of a deferred multiparty exchange involving a qualified intermediary. Biggs, id., pre-

dated the current deferred-exchange rules, which recognize assignments and direct deeding as valid steps in an exchange.

¹⁰IRS Letter Ruling 9814019 (12/23/97); see also IRS Letter Ruling 9823045 (3/10/98).

¹¹See comments attributed to Kelly Alton, IRS Special Counsel to the Assistant Chief Counsel (Income Tax and Accounting) in Tax Notes Today (5/19/98).

¹²Edward C. Lee, TC Memo 1986-294.

¹³Garbis S. Bezdjian, TC Memo 1987-140, aff'd, 845 F2d 217 (9th Cir. 1988).

¹⁴Julius Dibsy, TC Memo 1995-477.

¹⁵Earlene T. Barker, 74 TC 555, 563-564 (1980).

¹⁶IRS Letter Ruling (TAM) 200039005 (5/31/00).

¹⁷See Jesse C. Bollinger, Jr., 485 US 340, 359–360 (1988), for factors that evidence an agency relationship. If the title holder is held out to third parties as an agent, the risk of an agency relationship increases. The statements in TAM 200039005, note 16 supra, that the taxpayer closed on the purchase and then directed that title be placed in the accommodator's name may have been an important indicator of an agency relationship.

¹⁸See comments attributed to Kelly Alton, Senior Technical Reviewer, IRS Office of Associate Chief Counsel, and James Sowell, Treasury Associate Tax Legislative Counsel, 2000 TNT 200-5 (10/16/00).

¹⁹Donald DeCleene, 115 TC No. 34 (2000).

²⁰See Regs. Sec. 1.1031(k)-1(g)(4) for the definition of a QI.

²¹See Rev. Proc. 2000-37, note 6 supra, Section 4.02(1).

²²See Dukes, III, "Direct Deeding May Avoid Intermediary's Environmental Exposure in Like-Kind Exchange," 79 J. Tax'n 210 (October 1993).

²³See cases and articles cited by Dukes, id., at n. 5.

²⁴In re Exchanged Titles, 159 Bankr. 303 (CD CA, 1993).

²⁵See Sec. 167(a). If relinquished property is parked, the taxpayer should no longer claim depreciation deductions, to avoid reporting inconsistently with the form of the exchange transaction. Section 3.03 of Rev. Proc. 2000-37, note 6 supra, states that the intermediary may be denied depreciation on parked property, although resolution of that issue is beyond the scope of the procedure.

²⁶See Bollinger, note 17 supra.

²⁷Grodt and McKay Realty, Inc., 77 TC 1221 (1981).

²⁸See Marion O. Houchins, 79 TC 570, 591 (1982).

²⁹See Michael S. Falsetti, 85 TC 332, 348 (1985).

³⁰See James T. Ryan, TC Memo 1995-579, citing E.F. Baertschi, 412 F2d 494, 498 (6th Cir. 1969).

³¹See Rev. Proc. 2000-37, note 6 supra, at Section 1.

³²Id. at Sections 3.02 and 3.04.

³³Id. at Section 4.02.

³⁴See ABA Proposals, note 5 supra.