What brings farmers, small business owners, and legislators together to speak out about tax reform? Like-kind exchanges do.
In this week's round-up of 1031 news, Judd Vande Voorte, a fifth generation farmer, calls like-kind exchanges "a continuous circle of economic stimulus and liquidity" and cites a recent study showing that like-kind exchange repeal would shrink overall U.S. GDP by $61 billion to $131 billion over the next ten years. Ben Mattlin, in his Financial Advisor article, quotes one estimate that shows like-kind exchange repeal could raise $41 billion in tax revenue within 10 years but is also quick to point out the long-term negative consequences to the U.S. economy. Carrie Roider, CEO of Erb Equipment, a John Deere distributor, calls like-kind exchanges "a win-win for the country." And don't miss Representative Steve Stivers' support of like-kind exchanges in The Hill.
Help the economy by keeping the like-kind exchange - St. Louis Post-Dispatch
Encouraging small business growth and paying taxes - The Gazette
To keep investment dollars flowing, protect this incentive. - The Hill
1031 ' Refers to the "nature or character" of the property and not to its "grade or quality." That is, real property held for investment or the productive use in a trade or business may generally be exchanged on a tax-deferred basis for other real property. Personal property held for investment or the productive use in a trade or business may generally be exchanged on a tax-deferred basis for other personal property, provided the personal property is of "like kind" or "like class." Professional tax advice should be obtained when planning exchanges. Like-Kind ' Exchanges Are Under Fire. Again - Financial Advisor