Is this a Like-Kind Exchange

Mar 5, 2018
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I am a US citizen living in the US. I have a rental house in Korea. About 1200 houses around my house
are in a bad shape. An organization under Government supervision will demolish these houses and rebuild high-rise buildings on the same land. It will take about three years to complete the construction. At the end of the construction, house owners will give the title to the organization and house owners will get a new title of the new condominium at the same time. I will rent my new condominium.

I would like to treat this process as follows:
1. add the non-depreciated building cost to land cost of my house
2 keep the total as an improved land and pay tax on it under completion of the construction.
3. When I exchange the title, I will use like-kind exchange.

Anything wrong with my thoughts?

Thank you.

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