Is it true that Congress is moving to repeal the tax law under I.R.C. § 1031 governing Like-Kind Exchanges?
Tax Professional Answers
Yes, recently on February 26, 2014, the House Ways & Means Committee Chairman Dave Camp released a Discussion Draft of his Comprehensive Tax Reform Proposal. The Discussion Draft does indeed propose a repeal of I.R.C. § 1031 in its entirety.
As a caveat, this is merely a proposal and not law and we are still in the initial stages of the legislative process.
Please utilize the subsequent link to access the full tax reform plan:
Take Action Now and Learn More: Learn more and voice your opposition to these proposals with these critical actions at www.1031taxreform.com.