### Question
How does the law define related person?


### Answer
Under *26 U.S.C. § 1031*, **related person** is defined as:

> any person bearing a relationship to the taxpayer described in section 267(b) or 707(b)(1)

#### Citation:
  - *26 U.S.C. § 1031*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter O-Gain or Loss on Disposition of Property > PART III-COMMON NONTAXABLE EXCHANGES**

