Advocacy

What brings farmers, small business owners, and legislators together to speak out about tax reform? Like-kind...

In a May 8, 2017 Tax Notes article, “Advocates Aim to Preserve Like-Kind Exchange in Tax Reform,” Emily Foster explores  the issue of repealing 1031 like-kind exchanges as part of the current tax reform efforts in Washington. In the absence  of specific guidance regarding like-kind exchanges in either the House GOP tax reform blueprint or President Trump's  one-page tax reform plan, analysts are looking closely at former House Ways and Means Committee Chair Dave Camp's 2014  tax reform draft, in which Camp had proposed repeal of Section 1031 in its entirety. 

Incorporating views from both opponents and advocates of like-kind exchange repeal, Foster's article discusses the history  of 1031 exchanges, how and by whom like-kind exchanges are currently used and the potential consequences of repeal.

Read the Tax Notes article by Emily L. Foster,  reposted with permission from Tax Analysts.

Original publication: Tax Notes by Tax Analysts. “Advocates Aim to  Preserve Like-Kind Exchange in Tax Reform,” by Emily L. Foster. May 8, 2017, pp. 726-730. For more Tax Notes content, please...

Early April is the expected date for committee discussions on a preliminary tax reform bill. Or is it May? Perhaps before the August recess? 

That was the comical consensus I received after attending 17 meetings in Washington D.C. last week. Lately, when monitoring the news out of our nation’s capital, we’ve all become a bit skeptical of what defines “good reporting.”  The proposed House tax plan labeled A Better Way is reported to have the full support of Republican lawmakers. However, some closed-door conversations with members of Congress last week provided me with an entirely different story. 

Is it Really A Better Way?

The only real consensus is that A Better Way has a lot of unanswered questions for U.S. business owners. This 35-page document seems to gloss over the fact that business owners want more out of tax reform than simplicity and a lower tax rate.  In order to grow, American business needs the ability to do things like expand operations, hire more people, acquire equipment, secure land and facilities, leverage debt...

The Federation of Exchange Accommodators (FEA) is among 26 groups that signed letters sent to the Hillary Clinton and Donald Trump presidential campaigns last week. The letters explain the benefit of real estate exchanges for small businesses, farmers, ranchers, and for use in land conservation. The timing of these letters are important, as both campaigns are developing and revising tax plans. 

A revised Clinton tax reform proposal released September 22, 2016 mentions limitation of gain deferral under Section 1031 exchanges, expected to be similar to the Administration's FY2017 Budget proposal.

Our goal is to dispel common myths and to inform the candidates and their policy advisors as the tax reform proposals from both candidates continue to evolve and change.

The letters make some important points about ...