Hmm... this makes my head hurt. I think you need to understand if the swapping of interests in the various properties represents a taxable US sale or exchange. It doesn't matter if you don't get cash. If you exchange a property interest for another piece of property US tax law usually treats you as having sold it for the fair-market value of the property received.
Also in the US you can only disclaim an inheritance w/in 9 months. So if a "renunciation" is similar to a US disclaimer, I'm not sure that works.
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