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IRS Proposes New 1031 Regulations – Sculptures Are Real Property, Walls Are Not
The IRS issued Proposed Regulation 117589-18 on June 11, 2020 (the “Proposed Regs”), in response to legislative changes applicable to like-kind exchange transactions (“1031s”). The Proposed Regs address transactions involving both real property and…
Top Three Investor-Friendly Rules from the Newest IRS Opportunity Zone Notice
The IRS issued Notice 2020-39 on June 5, 2020 in response to the COVID-19 pandemic, which extended several deadlines applicable to Opportunity Zone investments.
COVID-19 Relief for 1031 Exchanges: Deadlines Moved to July 15, 2020
On April 9th, the IRS released Notice 2020-23. The Notice pertains to Section 1031 like-kind exchanges to defer capital gains tax on the sale of real property. Under the Notice, the 45-day identification deadlines and 180-day exchange deadlines that…
Federal Tax Law Drafting Error Punishes Commercial Developers
The Tax Cuts and Jobs Act, signed into law in December 2017, promised radical changes to the federal tax code. Many of its goodies were aimed and the real estate industry, but because of a critical drafting error, many commercial landlords and…