1031 and what happens if you buy 5 properties and sell one

[Chris L.]

Lets say you buy 5 properties using 1031 , when you go to sell do you have to sell them all at once?  If not, how are taxes then taken out.  Lets say the funds in the 1031 were 500k that I purchased 5 properties with them and the capital gains initially avoided was 150k. Now lets say I sell a property for 200k, will the whole 200k be taxed or will only a part of it be taxed? How Are taxes determined when the funds in the 1031 were divided up amongst 5 houses?