A November 2015 revised version of the EY macro-economic study, “Economic Impact of Repealing Section 1031 Like-Kind Exchanges” is now available. Upon further review of recently released micro-economic data, it was determined that the impact on GDP supported by the 10 industries most affected by a repeal of Section 1031 is even greater than initially projected. While the macro-economic numbers … Read More
Exchange Extensions due to Disasters, Terroristic Acts and Military Action
With few exceptions, the identification and exchange periods are fixed but the Treasury may extend both of those time periods if an exchanger is directly affected by presidentially declared disasters or any terroristic or military action. See IRC ยง 7508A. These extensions are not automatic and the IRS must provide notice under Rev.Proc. 2005-27. The IRS has created special rules … Read More