Cheney v. Hinton Burdick Hall & Spilker, PLLC

Opinion

TOOMEY, Judge:

T1 This case involves a transaction known as a "1031 like-kind exchange," which allows a business or investment property to be sold for a profit and defer paying taxes on the gain as long as the profit is reinvested in a similar property. See LR.C. § 1081 (2012). Here, Clayton A. Cheney, Lorna W. Cheney, and their business, Frontier Building Prod-uets, LLC (collectively, the Cheneys), contracted with an accounting firm, Hinton Bur-dick Hall & Spilker, PLLC (Hinton Burdick), to help them facilitate several like-kind exchanges. But after a seller failed to convey title to…