[Excerpt] Executive Summary Section 1031 has been part of the Internal Revenue Service tax code since 1921, but recent changes to Section 1031 and recent guidance provided by the IRS have significantly broadened the appeal and use of this provision within the U.S. commercial real estate industry. The exponential increase in Section 1031 transaction volume experienced over the past several years has generated recognition, both good and bad, for the many companies and investors who participate in this sector of the market.2 In this article I hope to shed some light upon these new like-kind transactions, explain why certain investors have embraced them, and discuss recent trends and observations which may influence how this industry will evolve over the next several years.