1231 Loss and 1031 Gains

[Michinori Kaneko]

Hi BP Team,

Hoping there is a tax professional out there that can address my question.  I recently realized a significant 1231 loss.  I understand there is a 5 year carry over on this so if i realize any gains those gains will be taxed at ordinary rates as opposed to preferred rate.  I am wondering if 1231 loss offset can be triggered either by  a) income from operations (e.g. rent - expenses) and B) if I did a 1031 exchange on a property, would I lose the capital gain deferral on this as a result of 1231? Please let me know.

Michinori