ANOTHER 1031 AFTER A 721 CONTRIBUTION: OWNERSHIP-STAGE CHECKLIST
721 UPREIT Pros | Educational worksheet | October 4, 2026

DIRECT ANSWER
Section 1031 applies to qualifying real property. An OP unit is a partnership interest and a REIT share is stock, so neither should be treated as direct real property. A separate property that you still own may require its own Section 1031 analysis.

1. CURRENT TAXPAYER
Legal name:
Tax classification:
Was this the taxpayer in the earlier exchange or contribution?
Evidence reviewed:

2. ASSET OWNED TODAY
[ ] Direct investment or business real property
[ ] DST beneficial interest
[ ] UPREIT OP units
[ ] REIT shares
[ ] Other:
Evidence: deed, trust record, partnership statement, brokerage statement or other:

3. PROPOSED DISPOSITION
[ ] Direct property sale
[ ] Transfer of DST interest
[ ] Trust-level property sale
[ ] Partnership property sale
[ ] OP-unit transfer or redemption
[ ] OP-unit conversion into REIT shares
[ ] REIT-share sale
Who controls the event?
Will this taxpayer receive cash?

4. SECTION 1031 SCREEN
What real property would this taxpayer transfer?
What real property would this taxpayer receive?
Held-for-business-or-investment evidence:
Qualified intermediary contacted before transfer? [ ] Yes [ ] No [ ] Not applicable
Current document or ruling supporting asset classification:

5. PROFESSIONAL DECISION LOG
CPA conclusion and date:
Tax attorney conclusion and date:
Qualified intermediary conclusion and date:
Open question, owner and due date:

Do not use this worksheet as a qualification opinion, exchange agreement, identification notice, tax return attachment or substitute for the current governing documents and professional advice.