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An investor sells one “relinquished property” and buys one “replacement property” within 180 days of the first closing.

Partial exchanges do not use all the net equity and debt retired in the new property. Cash received (equity boot) or debt not replaced (mortgage boot) is taxable. 

Simultaneous Exchanges occur on the same day. The relinquished property is sold in the morning and replacement property is purchased in the afternoon.