Taxpayer -Also Called the Exchanger. The taxpayer has property and would like to exchange it for new property. 

 Seller - The Seller is the person who owns the property that the taxpayer wants to acquire in the exchange.

 Buyer- The buyer is the person with cash who wants to acquire the taxpayer's property.

 Intermediary- The intermediary plays a role in almost all exchanges. He or she neither begins nor ends the transaction with any property. He or she buys and then resells the property in return for a fee.

 Relinquished Property- The Property originally owned by the taxpayer and in which the taxpayer would like to dispose of in the exchange.

 Replacement Property- The new property, that is the property the taxpayer would like to acquire in the exchange.

© Southern Exchange Services 2004
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