Can Turbo Tax Premier calculate automatically a 1031 exchange where 1 property is sold and 2 properties are acquired?

You cannot use the Business program for an individual return.  since 2 properties were on one side of the exchange, you would add together the information on the two properties in the program.  For example, exchange costs would just be one number for the costs for both properties.  The values that make the exchange tax-free would be the values of both properties acquired.

I agree with Anita.  As TTax can't cover everything (like discounting a PM mortgage you gave someone).  When you have situations like this, you just have to prepare you own worksheets and just enter the results.