Quit claim deed on 1031 property

[Rosanna Tran]

I bought a commercial property in 2015 under my company name which I do import & export & under 1031 exchange. Now I closed the import & export business & I want to quit claim the property to under a new company name & start real estate rental business. Can I do that & what’s my tax consequences? It was owner financing & the owner is ok with the quit claim deed as long as I pay all the fees. Please kindly advise.