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Tax Planning Like Kind Exchanges Internal Revenue Service

Rivkin Radler LLP

Drop & Swap Like-Kind Exchange Passes Muster in New York

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New York’s personal income tax law, like that of other states, conforms with the federal system of income taxation. The reason typically given for such conformity is to simplify tax return preparation, improve compliance and...more

Greenberg Glusker LLP

Los Angeles "Mansion Tax" - Measure ULA, Its Impact on Property Owners, & Refunds

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In November 2022, Measure ULA, commonly known as the "Mansion Tax," was passed into law by the City of Los Angeles voters. This tax applies to all categories of real estate, including commercial, industrial, and residential...more

Greenberg Glusker LLP

IRS Further Extends Deadline for 1031 Exchanges Affected by the 2023 California Severe Winter Storms: Key Points You Need to Know

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As a result of the severe winter storms, flooding and mud slides that began in California on January 8, 2023, on January 10, 2023, the IRS issued an initial extension of the 45- and 180-day deadlines for IRC §1031 exchange...more

Greenberg Glusker LLP

IRS Extends Deadline for 1031 Exchanges Affected by the 2023 California Severe Winter Storms: Key Points You Need to Know

Greenberg Glusker LLP on

As a result of the severe winter storms, flooding and mud slides that began in California on January 8, 2023, the IRS has issued an extension of the 45- and 180-day deadlines for IRC §1031 exchange transactions. ...more

Lowndes

As Tax Filing Deadline Approaches, Avoid This Trap for the Unwary If You Have an Open 1031 Exchange

Lowndes on

In the senior living area, a taxpayer that is selling a community may look to avoid recognizing gain on the sale by entering into a Section 1031 like-kind exchange with respect to the real estate. The tax rules generally...more

Freeman Law

Like-Kind Exchanges of Cryptocurrency—Recent IRS Guidance

Freeman Law on

In a recent Chief Council Advisory, the IRS found that certain cryptocurrencies did not qualify as like-kind exchanges under section 1031 prior to the Tax Cuts & Jobs Act of 2017. The IRS’s ruling, while limited to coin...more

Burr & Forman

Summary of Proposed 2021 Federal Tax Law Changes

Burr & Forman on

President Biden has proposed major changes to the Federal tax laws, some of which are sought to be effective earlier in 2021 (i.e., we are already operating under these changes, if they later become adopted), as compared to...more

Polsinelli

Additional Guidance Issued for President Biden’s American Jobs and American Families Plan

Polsinelli on

In April 2021, President Biden announced the “American Families Plan,” which included some significant tax law changes. Among the proposed changes included in the “American Families Plan” was the increase of the tax rate that...more

Mayer Brown

Final Like-Kind Exchange Regulations Contain Much-Needed Clarity for Natural Resource-Related Assets

Mayer Brown on

In December of 2020, the US Internal Revenue Service (the “IRS”) issued final regulations (T.D. 9935) (the “Final Regulations”) on like-kind exchanges under Section 1031 of the Internal Revenue Code of 1986, as amended. The...more

Wyrick Robbins Yates & Ponton LLP

Final Like-Kind Exchange Regulations: What Is Real Property Anyway?

Just days before we all sat down to eat our Thanksgiving dinners, the Treasury Department gave us something else to digest:  final like-kind exchange regulations. These regulations define “real property” for purposes of Code...more

Farrell Fritz, P.C.

Responding To The Democratic Party’s Tax Plans

Farrell Fritz, P.C. on

The Convention- The Democratic Party’s “virtual” convention last week seems to have gone pretty well. All the stars of the Party’s firmament were on hand and spoke in “virtually” one voice in their assessment of the...more

Neal, Gerber & Eisenberg LLP

New IRS Deadline for Additional Taxpayers, Plus Relief for Like-Kind Exchanges and Qualified Opportunity Zone Fund Investments

As we reported in our previous client alert, "Federal and State Tax Actions in Response to COVID-19," the IRS has extended until July 15, 2020, the deadline for filing income, gift and GST tax and information returns, and...more

Sullivan & Worcester

IRS Updates Guidance on Filing and Payment Deadlines and Provides New Guidance Relating to Other Taxpayer Actions

Sullivan & Worcester on

Yesterday, the Internal Revenue Service issued Notice 2020-23, which updates and amplifies its earlier guidance under Notice 2020-18 and Notice 2020-20, discussed in our earlier Client Alert. Compared to previous grants of...more

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