1031 exchange and Capital Gains tax rates question.

Questions on 1031 exchange.
1.I am selling my restaurant and in the process of building another one.
My current restaurant is operating as an S Corp...
The price allocation indicates that Furniture, Fixtures and Fittings (FF&E)..is .say 50k, then can I defer my gains on the FF&E by using the funds to buy FF&E in the new restaurant that I am building?
I heard that since my business entity is an S Corp, it cannot be done.
Does entity have anything to do with a 1031 exchange?
Can anyone please help me out here?
2. If I cannot do a 1031 exchange, what is the Tax Rate that I will have to pay on the gains? (Is it long term Capital gains tax rates?)
The FF&E were purchased and installed over 5 years ago.
Thanks,
Ava
Reply to
avacohen100

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