Tax News: IRS Proposed Rule Limiting 1031 Exchanges
The Internal Revenue Service ("IRS") proposed regulations amend the existing regulations relating to Internal Revenue Code ("IRC") Section 1031 Exchanges.
The proposed regulation 1. adds a definition of real property to reflect statutory changes limiting section 1031 to exchanges of real property and 2. provides a rule addressing a taxpayer’s receipt of personal property that is incidental to real property the taxpayer receives in the exchange.
The proposed regulations affect taxpayers that exchange business or investment property for other business or investment property and that must determine whether the exchanged properties are real property for purposes of section 1031.
For the full text of the Proposed Regulation, please see here: https://s3.amazonaws.com/public-inspection.federalregister.gov/2020-11530.pdf
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