This comparison has been frequently discussed and requires a longer response, but in brief, Section 1031 is now only available for real property like-kind exchanges. Gains generated from the sale of stock, businesses, collector cars, etc. will not qualify under 1031. Under 1031, the funds must be held by an exchange accommodator. The tax deferral under 1031 is indefinite. For the QOZ program, any capital gain can be deferred until Dec. 31, 2026, but must then be paid (subject to a potential step-up in basis of up to 15%). The qualifying investment into a QOF can be used for broader purposes than real estate investing. Accordingly, the QOZ program could be used to fund a start-up venture having nothing to do with real estate.