IDENTIFICATION PERIOD: The replacement property must be identified within 45 days of the transfer of the first relinquished property. This 45 day Identification Period is very strict and is not extended if the 45th day should happen to fall on a Saturday, Sunday or legal holiday.

EXCHANGE PERIOD: The acquisition of your replacement property must be completed by the earlier of:

1. 180 days of the transfer of your first relinquished property, or

2. the due date of filing your federal income tax return for the year in which you transferred the first relinquished property, including extensions. This 180 day Exchange Period is very strict and is not extended if the 180th day should happen to fall on a Saturday, Sunday or legal holiday.