Non-Safe Harbor Reverse Exchange
In a United States Tax Court case, Estate of George H. Bartell Jr. et al. v. Commissioner, 147 TC No. 5, a replacement property was held by the exchange company in a reverse exchange that extended well beyond the, later established, 180-day safe harbor timeframe of Rev Proc 2000-37. Upholding the exchange the court declined to apply the benefits and burdens test to determine whether the true ownership of the property was held by the exchange company.
Link to case: http://www.ustaxcourt.gov/ustcinop/opinionviewer.aspx?ID=10868