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Irs code section 1031. Prior to the tcja both real property and personal property were eligible for like kind exchange treatment. The term which gets its name from irs code section 1031 is bandied. 1 section 1031 is also.
Section 1031 of the internal revenue code allows an owner of investment property to exchange property and defer paying federal and state capital gain taxes 15 20 applicable state taxes and taxes on gain from depreciation 25 and the obama care tax 3 8 when required if they purchase a like kind property following the rules and regulations of the internal. Exchange of property held for productive use or investment on westlaw findlaw codes are provided courtesy of thomson reuters westlaw the industry leading online legal research system. Irs code section 1031 like kind exchange october 2 2020 a 1031 exchange is a valuable tool for real estate investors to defer capital gains tax when investment property is sold as long as the profit is reinvested in replacement property.
Paragraph 2 d of section 1031 a of the internal revenue code of 1986 as amended by subsection a shall not apply to any exchange of an interest as general partner pursuant to a plan of reorganization of ownership interest under a contract which took effect on march 29 1984 and which was executed on or before march 31 1984 but only if all the exchanges contemplated by the reorganization plan are completed on or before december 31 1984. On june 11 2020 the irs released proposed regulations for like kind exchanges under internal revenue code the code section 1031 to incorporate the tax cuts and jobs act tcja changes. Internal revenue code 1031.
For more detailed codes research information including annotations and citations please visit westlaw. 1031 states the recognition rules for realized gains or losses that arise as a result of an exchange of like kind property held for productive use in trade or business or for investment. In real estate a 1031 exchange is a swap of one investment property for another that allows capital gains taxes to be deferred.
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