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1031 News

Home / Blog » 1031 News

A 1031 Exchange by Any Other Name...

on Tue, 12/12/2017 - 08:06   Martin Edwards
A 1031 Exchange by Any Other Name

Over the years IRC Section 1031 tax-deferred exchanges have been known by many names. In addition, there are many different types of exchanges that one way or another relate to Internal Revenue Code Section 1031. Let’s take a look at some of these names and transaction types.

Simultaneous Exchange

Many people are surprised to learn that Section 1031 first made its way into the tax code in 1921. This was based on a belief by Congress that when someone swaps property with someone else and takes no cash out of the deal, there is no basis for assessing...

Retain Like-Kind Exchanges in Tax Reform - Op-Ed

on Thu, 11/09/2017 - 08:29   Accruit
Like-Kind Exchanges Enable Small Business, Stimulate Economy - Op-Ed

Excerpted from the Denver Business Journal, "Beware changes in 'like-kind' transactions under proposed federal tax reform":

Rarely do the interests of small businesses owners and a broad range of local entrepreneurs agree with almost a century of federal income tax policy – especially when it results in billions of dollars in taxes being paid.

But luckily for the economy, they do.

The trouble is, this powerful economic driver is now in real danger as Congress and the Trump Administration grapple with the twin dilemmas of tax reform and a threadbare federal budget that would put such long-term investments and incentives at risk.

Read Accruit CEO Brent Abrahm's op-ed at the Denver Business Journal

Five Years of 100% Expensing Not Worth Repeal of Like-Kind Exchanges

on Thu, 11/02/2017 - 15:46   Brent Abrahm
Five Years of 100% Expensing Not Worth Repeal of Like-Kind Exchanges

The new tax bill unveiled today by House Republicans proposes to repeal like-kind exchanges for personal property. In its place, the bill provides for 100% expensing of property, however this provision is only temporary, sun-setting after five years. 100% expensing may be extended, as other unrelated provisions have in the past, but the uncertainty makes long-term planning difficult for businesses.  

As I have argued for years on the Hill, like-kind exchanges are a matter of tax timing and not...

How Federally Declared Disasters Affect 1031 Exchanges

on Tue, 10/31/2017 - 17:07   Martin Edwards
IRS tax relief for disaster victims

With so many weather-related natural disasters occurring with seemingly increasing frequency, let’s take a look at how such disasters affect persons seeking to complete exchange transactions. While the safe harbor timelines for conventional forward exchanges and for reverse exchanges are strictly enforced, there is some relief afforded in the event of a federally declared disaster in the form of time granted. The applicability of a particular federally declared disaster can be found on the IRS website, which provides news releases covering disaster events.

An IRS publication, IRS Revenue Procedure 2007-56 Section 17, sets forth the rules surrounding such disasters as they apply to forward and reverse exchanges. This revenue procedure states that the last day of the 45-day identification period, the last day of the 180-day exchange period for forward exchanges and the beginning and end dates for a reverse exchange can be extended. More specifically, those dates are postponed to the later of (i) 120 days or (ii) the last day of the general disaster period authorized in the IRS News Release....

Tax Code Sections 1031 and 1033: What's the Difference?

on Fri, 10/06/2017 - 12:53   Accruit
Tax Code Sections 1031 and 1033: What's the Difference?

United States tax code sections 1031 and 1033 are sometimes confused by taxpayers as they are similar, not only in section number, but in that they were both created to provide for tax deferral of depreciation recapture and capital gains on the sale of property, but that's where their similarity ends. Sections 1031 and 1033 differ materially in:

  • Types of transactions they address
  • Type of property that can be acquired
  • Timeline requirements

Section 1033: Involuntary Conversion

Section 1033 of the tax code provides for the deferral of gain that is realized from an "involuntary conversion." Such a conversion includes property that is destroyed in a casualty, property that is lost due to theft and property that is transferred as the result of condemnation...

1031 Exchanges on the Commercial Real Estate Show

on Wed, 09/27/2017 - 16:54   Accruit
Americas Commercial Real Estate Show

In this episode of The Commercial Real Estate Show, Michael Bull speaks with a panel of experts about tax reform and the likelihood of repeal of 1031 like-kind exchanges from the tax code. Michael is joined by:

  • Evan Liddiard, Senior Policy Representative at the National Association of Realtors
  • Robert Carroll, National Director of Ernst and Young's Quantitative Economics and Statistics practice
  • David Ling, Director of Real Estate at the University of Florida's Warrington College of Business
  • Accruit Founder/CEO and Federation
    • ...

Like-Kind Exchange News Round-Up, June 18 – June 24

on Mon, 06/26/2017 - 10:07   Accruit
Trump Tax Plan

Last week we heard a chorus of voices from around the web urging the preservation of like-kind exchanges in any forthcoming tax reform. Graniterock CFO Steve Snodgrass characterized the unprecedented cross-industry support this way:  "Rarely do the interests of small businesses owners, construction equipment intensive businesses and a broad range of local entrepreneurs agree with almost a century of federal income tax policy — especially when it results in billions of dollars in taxes being paid. But fortunately for the economy, they...

Rules for Real Estate and Personal Property Exchanges are not always of Like-Kind

on Thu, 06/15/2017 - 12:19   Martin Edwards
Real Estate versus Personal Property in a 1031 Like-Kind Exchange

Differences between Real & Personal Property Exchanges

The 1991 Treasury Department regulations set forth detailed guidelines for tax deferred exchanges of real property and personal property. Prior to that time, exchanges could be done but very little guidance was available to make sure they were done correctly. This set of rules and regulations covered like-kind exchanges of both real and personal property. However, these two types of exchange property are not covered the same way. Below, I’ll summarize some of the...

Bloomberg BNA Report Addresses Farmer Concerns over Tax Reform

on Mon, 06/05/2017 - 14:47   Accruit
Like-kind exchange preservation a real concern for farmers

It is unclear where like-kind exchanges stand in forthcoming tax reform, but any tax plan that attempts to replace like-kind exchanges with immediate-expensing would create a big gap for taxpayers significantly invested in land assets since the immediate-expensing provision in the House Republican tax reform blueprint doesn't apply to land. This Bloomberg BNA Daily Tax Report from June 1, 2017 examines the particular plight of farmers in this scenario, for whom such a plan would be disastrous.

Read...

Ritchie Bros. Acquisition of IronPlanet Nears Completion

on Wed, 05/31/2017 - 07:40   Accruit
Ritchie Bros. Acquisition of IronPlanet

In mid-May, Ritchie Bros. received unconditional antitrust clearance from the U.S. Department of Justice for its acquisition of online auctioneer, IronPlanet. Ritchie Bros.' acquisition of IronPlanet will officially close in the coming weeks, further diversifying the channels through which customers buy and sell equipment. According to Jim Barr, Ritchie Bros. group president of emerging businesses, brand innovation and technology, the company has shifted strategically in the past few years from auction to multichannel asset disposition, and the IronPlanet acquisition was the next logical step in that strategy. “Each company has a great set of solutions," Jim Barr told Construction Equipment Guide. “We won't be getting rid of any of them. We want our customers to choose whatever solution best suits their needs.”

Read the full article about Ritchie Bros.’ Iron Planet acquisition at ConstructionEquipmentGuide.com.

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