A summarized view of the 1031:
The person undertaking a like-kind exchange is the taxpayer. The taxpayer starts a like-kind exchange owning real property that he or she will relinquish in the exchange and will end the transaction owning replacement real property that he or she will receive in the exchange.

The relinquished property is the taxpayer's old property that he or she will convey to someone else (the buyer) in the like-kind exchange.

The replacement property is the real property that the taxpayer will receive in the like-kind exchange and own after the transaction is completed.

The buyer is the party who buys the taxpayer's relinquished property in the like-kind exchange. The seller is the party who starts the like-kind exchange owning the replacement property and, in effect, sells the replacement property to the taxpayer.

In the context of a like-kind exchange, boot means property that does not qualify for nontaxable like-kind exchange treatment. The most important form of boot in like-kind exchanges is cash. The receipt of boot usually is to be discouraged-or, at least, minimized-in a like-kind exchange.

A forward exchange is a transaction in which the taxpayer first transfers his or her relinquished property and later acquires replacement property.

An exchange intermediary (also, "intermediary," "qualified intermediary," "qualified exchange intermediary," "deferred like-kind exchange intermediary," or "QI") is a party who holds the net proceeds from the sale of relinquished property until these funds are needed to acquire replacement property.

An exchange agreement is a written agreement between the taxpayer and his or her exchange intermediary pursuant to which a forward exchange is undertaken.

The exchange balance is the net proceeds of a forward exchange, which is held by the exchange intermediary to reinvest in replacement property.

The identification period for a forward exchange is a period that begins on the date the taxpayer transfers the relinquished property and ends at midnight on the 45th day thereafter.

The exchange period for a forward exchange is a period that begins on the date the taxpayer transfers the relinquished property and ends at midnight on the earlier of the 180th day thereafter or the due date (including extensions) for the taxpayer's income return for the tax year in which the transfer of the relinquished property occurs.

A reverse exchange is a transaction in which the replacement property is owned by ("parked with") an intermediary party during the pendency of the like-kind exchange until the taxpayer is able to sell his or her relinquished property. Then, the replacement property is exchanged to the taxpayer.

An exchange accommodation title-holder is the party who owns the replacement property during the pendency of the reverse like-kind exchange.

A qualified exchange accommodation agreement (QEAA) is an agreement between the taxpayer and his or her exchange accommodation title-holder pursuant to which the reverse like-kind exchange is undertaken.