Current Threats to a Hundred Year Old Tax Tool
by Suzanne Baker, EVP and General Counsel of IPX1031®
Terra Firma, the official publication of the REALTORS® Land Institute
Almost one hundred years ago, Congress enacted Internal Revenue Code 1031, permitting deferral of capital gains and recapture tax on like-kind exchanges. Two primary purposes of the tax were: 1) to avoid unfair taxation of ongoing investments in property and 2) to encourage active reinvestment. These purposes are even more relevant today in our global economy than they were in 1921.
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