S-Corp owning property in foreign country

What is the name of your state?What is the name of your state? Arizona

Husband and wife are sole stockholders in Arizona registered corporation. Corporation is IRS S-Corp.
Corporation owns resort in Arizona.
Can Corporation sell Arizona resort, buy and operate more expensive foreign resort (Central America), and still allow owners to defer capital gains, etc.?
Is there anything like a 1031 exchange for a corporation that could be used in this case or does the foreign property rule this out also?

Thanks,

Paul

Paul,

I am not an expert. But here is how i see your situation. It looks like a 1031 exchange. With a 1031, I don't think out of the country applies.

That is my take on it.

Joseph