Abstract:Congress created the tax-free exchange of like-kind property over 90 years ago and has since made several revisions to the law to prevent tax abuse and limit its application. However, the like-kind exchange rules, now governed by Section 1031, are expanding over time. In this article, we review the legislative history of Section 1031 and recently proposed changes to the law. In line with recent proposals, we recommend that Congress eliminate the special tax treatment granted to like-kind exchanges. However, in… Show more
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