A reverse 1031 exchange enables the taxpayer to acquire the replacement property before selling the old or relinquished property. Prior to Revenue Procedure 2000-37, a reverse 1031 exchange was not recognized under Internal Revenue Section 1031(a)(3).
When preparing the first edition of the Uniform System of Accounts for Hotels in 1926, the Hotel Association of New York City set out to establish a uniform “responsibility accounting system” for the lodging industry.
